Purchasing Power Parity?

by on November 9, 2006 at 1:49 pm in Economics | Permalink

The value of a dollar in New York City is 76.2 cents.

Still a bargain, if you ask me, once you factor in live concerts at the Village Vanguard, which down here in Fairfax cost infinity.  (Of course Dickens you can read anywhere.)  Here is more, and thanks to Craig Newmark for the pointer.  By the way, I regularly enjoy New York magazine, the source of this article, even though I live all too far away.

1 Robert November 9, 2006 at 3:16 pm

Tyler,

Don’t concerts in New York really cost you plane fare + about 6 hours of travel time?

2 Andrew November 9, 2006 at 3:39 pm

Someone should do this in San Francisco, I bet it’s about 77¢

3 Austin November 9, 2006 at 8:35 pm

Thats seems probable, there a lot of things to new in New York and not a lot of people own cars like the guy stated above.

4 Justin November 10, 2006 at 10:17 am

DC has a great jazz resource: http://www.transparentproductions.org/

They bring amazing jazz talents to DC to put on shows in donated spaces and the admission is usually very inexpensive. It’s one of the things I really miss.

5 Tom November 10, 2006 at 10:51 am

So person living somewhere else gets a $100k value from his $100k job, a New Yorker gets a $76k value from his $100k job. Live concerts are worth $24k a year? Most people, I would guess, would not think so.

6 Peter Schaeffer November 11, 2006 at 9:46 am

All,

New York city has more than its share of immigrants (one of the highest percentages in the US). I thought immigrants reduced the local cost of living. Clearly not. Given that housing scarcity is a key part of NYC’s inflated cost of living, immigration is part of the problem, not the solution. Indeed, allowing for NYC COLI, the wage reduction effects of immigration are much larger than usually estimated.

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