WHY AC IS CHEAP, BUT AC REPAIR IS A LUXURY

Summary from the TLDR newsletter

Huge bursts of productivity concentrated in one industry are great because they create a huge number of new jobs and new opportunities, but this has an interesting spillover effect: the more jobs and opportunities created by the productivity boom, the more wages increase in other industries. These industries still have to compete in the same labor market. As the AI supercycle plays out, some goods and services will become orders of magnitude cheaper, while others will become more expensive - but we'll consume more of them anyway. This effect will even be seen within a single job - some work will see 10x throughput at 10x the quality, while other work, which must be done by humans, will command a wildly high wage.