The Importance of the Price of Light Example

1. Real Income Growth Over Time is Almost Certainly Underestimated
   
   
2. Real Price Indexes Over Time are Almost Certainly Overestimated Because they Oftentimes do not Capture Qualitative Changes in Goods and Services
   
   
3. The Perennial Gale of Creative Destruction -- Unanticipated Economic Change due to Entrepreneurial Activity