Video Games May Seem More Expensive But They Aren’t – It’s All In Your Head

I have been hearing a lot of grumbling lately from friends and fellow gamers about the cost of video games.  The economist in me cringes when an otherwise rational person jumps into a diatribe on the state of video game pricing and the various console wars because it reminds me of those people who insist that gas is at an all-time high, even when the inflation-adjusted cost of traveling one mile is less than it was in the 1950s.  Listening to it makes me realize how thoroughly our education system has failed at producing rational, informed citizens capable of competing in the information age where knowledge is power.