“Despite the cost of living, it’s still quite popular.” -Unknown
If you are from India and are reading this, then you might be thinking this is nonsense! The Goods and Services Tax (GST) has just been introduced and you have started paying more already. Actually, GST is expected to bring down costs/taxes eventually. But this is not about GST or India alone.
This is about how technological innovation will transform and redefine most industries globally. Some counties may see this transformation a little later but eventually most countries (developed and developing counties for sure) will experience this.
While use of technology grows exponentially, inefficiencies are eliminated and costs are brought down every year. This is the case regardless of which industry you look at- whether in transportation, healthcare, energy, telecommunications, hardware and software development, or entertainment. Uber reduced the cost of transportation. iTunes revolutionized the music industry. Airbnb redefined the hospitality industry. There are hundreds of such examples where costs have been brought down simultaneously with improvements with quality.
I would say this is still the beginning. If we fast forward 30-40 years (or even sooner), you will experience a better world at a much cheaper cost with advancements in artificial intelligence (AI), virtual reality (VR), robotics, 3D printing, etc. Not just you, but also the billions of people across the globe. Real innovations will bring down costs of living, and this in turn will bring real equality and democracy.