But on the bright side it's good news for the folks assembling stuff in China
http://www.wired.co.uk/news/archive/2012-08/28/shenzhen-pay-increase (http://www.wired.co.uk/news/archive/2012-08/28/shenzhen-pay-increase)
Looking at the comments as well as the article I think we need to think a bit more about the whole concept of a global village.
On the one hand, wage rises in China could eventually change the economic picture and bring jobs back to Europe (and even America) but as far as quality of life is concerned, most Europeans are still better off than most in the far east. Should we favour our own at their expense or should we wait for the inevitable equalisation and carry on burning fuel shifting stuff all over the globe ?
It gets a bit tricky for me to decide !
This is all cyclic. Manufacturing follows cheap labour. When I was a kid most things were made in Hong Kong but as a higher standard of living was demanded by the labour force so was a better wage. Manufacturing moved to Taiwan as they demanded a better standard of living to India and now to China, Where next will be the question... But yes, prices always go up - never down, just like oil....
I think it's a win-win situation. On one hand you've got Chinese workers getting more 'bucks' for their hard work, on the other hand, I doubt electronics will increase too much, due to there being so much choice and competion. Due to the 2008 recession, TV sets are at an all time low price wise.
Other consumer electronics like phones, have prices bought down by the deals we see thrust in our face daily in the press, radio and TV commercials.
Quote from: Greybeema on August 31, 2012, 07:28:21 PM
But yes, prices always go up - never down, just like oil....
Erm, not to be argumentative but that simply isn't true. In real terms things (almost) always get cheaper. Yes, the number of pounds/dollars/yen/whatever may increase but in relation to inflation the cost of finished products almost always decreases with time. That is the definition economic growth, which has been strongly positive (on average, despite some blips) since the dark ages.
EDIT: Apologies - I see that you were being tongue-in-cheek! Silly me.