These are all sectors in which public policy subsidizes demand and restricts supply.
These are all sectors in which public policy subsidizes demand and restricts supply.
If you're talking about the housing market, the Case-Shiller index indicates that over long periods of time, the value of housing tracks inflation, it does not outpace it. (Which does not exactly help the homeowner caught riding enormous peaks and valleys in pricing, of course.)
https://en.wikipedia.org/wiki/Case-Shiller_index
The other two are interesting. It seems safe to say that as more and more technology becomes available to help people stay healthy and alive, medicine will continue to get more expensive. Or maybe medicine will essentially become an information technology where Moore's Law applies and costs will go down, as Kurzweil predicted.
Maybe education will become less expensive as credentialism collapses under its own weight and online learning becomes more prevalent. Or maybe we will need more and more education as job hopping becomes the norm and wrangling all different sorts of technology becomes the lot of pretty much everyone who wants to earn more than the universal basic income.
When you include imputed rent, maintenance, and property taxes, it’s much less clear whether residential real estate or equities have better total returns over century timelines.
I was surprised by this, when I read abstracts of a paper about this recently, but it seems to be at least not as settled as I used to think it is.
I'm not sure how or why Case-Shiller would involve rent or imputed rent. Are you thinking more of commercial real estate?
But really, those are huge sectors of the economy. It's weird to say that they can't keep pace with inflation when its the majority of a lot of pay checks. Wouldn't it be better to say wages have stagnated while the price of other goods have dropped?
I wonder what would be the effect if regulations where such that one could easily import and distribute medical drugs. Or the AMA would allows foreign physicians to operate within borders.
The reason for high prices is IP. If you are in the choice of getting that expensive prescription drug that treat your hart disease or die.... you will pick the drug. No competition exist. (Here the power lies with the seller).
So to get reasonable prices you either have to remove IP or have a country wide monopoly. Else the free market rule.