The world's cheapest car: growth in purchasing power
Despite the world having been gripped, for the past 75 years, in the throes of fascism, which has hobbled the free markets and substantially decreased our rates of growth, we appear to have managed a good 7-10 fold increase in the purchasing power of an average person. Ronald Bailey posts a comparison between the world's newest cheapest car, the Tata Nano, costing $2,500, and:
- a 1909 Ford Model T, which would cost $18,000 today in inflation-adjusted dollars;
- a 1961 VW Beatle, which today would cost $10,500; and
- a 1985 Zastava Yugo, which today would cost $7,500.