Regarding the Techflation graph, I saw it the other day on Andreessen's Substack and I could not avoid to think that the explanation was too seductive and in a way simplistic.

I obviously understand the point and in general terms I agree to it (in fact I was discussing with a partner the evolution of prices in high speed trains, here in Spain). But in this case I do believe that there is other factors involved.

In my opinion there is a point regarding the US exception and by exception I mean different, not bad, just different. But I can think of many countries where those services are more regulated than in US and have not shown that price evolution.

With regards to the tech deflation, it is historically true, but its relationship with the way globalization has happened during the last 40 years is also a huge factor, I mean, the relevance of the main chinese export during this period is tremendous. The decoupling from China's growing labor cost will be an interesting issue to follow.

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