LEDs released->electricity bill reduced->money freed up->wages increase->price of everything else increases
It's nice to see these efficiency gains aren't entirely eaten up in this way and the is some ultimate benefit for humans, $1 2023 >= $1 1990 as far as lighting, and wages are up. You can have the lights on more and keep the same quality of life in all other regards. But this can be used to mask growing inequality, just take some but not all of the gains, e.g. by artificially limiting housing supply, QoL still improves so no revolution.
It's nice to see these efficiency gains aren't entirely eaten up in this way and the is some ultimate benefit for humans, $1 2023 >= $1 1990 as far as lighting, and wages are up. You can have the lights on more and keep the same quality of life in all other regards. But this can be used to mask growing inequality, just take some but not all of the gains, e.g. by artificially limiting housing supply, QoL still improves so no revolution.