Yes, costs are higher now relative to income, but demands also are.
There is a dangerous underlying logic to this line of reasoning. Treating all technological innovation as an added cost to be borne by the end consumer leads to one inescapable dead end. Yes, sometimes there are actual costs. If so, fine. However, this blanket notion of hedonic price adjustment increases wealth inequality with no end. It isn’t a sensible and we should be thankful our ancestors were not so foolish or we’d all be living in trees or caves right now.
There is a dangerous underlying logic to this line of reasoning. Treating all technological innovation as an added cost to be borne by the end consumer leads to one inescapable dead end. Yes, sometimes there are actual costs. If so, fine. However, this blanket notion of hedonic price adjustment increases wealth inequality with no end. It isn’t a sensible and we should be thankful our ancestors were not so foolish or we’d all be living in trees or caves right now.