People often claim that consumer products have been declining in quality over the decades. Some people even claim that such a decline is inevitable under market forces. I've seen this discussed a lot especially for laptops, where supposedly desirable qualities like durability and repairability have declined. I'll focus on these two qualities in particular below.^[1]

In contrast to the observation above, I learned the following argument from one of David Friedman's books: if people are willing to buy a crappy product for $x, then they should be willing to pay $10x on the same product that lasts 10 times longer (because in both cases, the amortized cost is the same). So as long as the more durable product does not cost 10 times more to manufacture, the company's revenue is higher if they sell the more durable product.

From this, I conclude that one potential thing that could be going on is that the reason products are crappy is that consumers prefer the crappy product; they aren't willing to pay 10 times more for a 10 times more durable product. This might happen because of information asymmetry reasons (it's easier to tell which of two products are immediately better, than to tell which of two products will last much longer) or maybe because consumers prefer the small advancements they get if they keep buying new products, instead of staying with one product for a long time. Or maybe due to high temporal discounting and inability to save money, consumers prefer cheaper things.

I am still pretty confused about all of this, because I personally do prefer more durable/repairable products and would be willing to pay more for them. But perhaps my preferences are pretty unusual.

1. ^{^}

   I'm focusing on durability and repairability because these seem more straightforward as they don't require answering questions about how much more one would pay in a given instant for a higher quality. For example, maybe kitchen shears are declining in how well they cut things but maybe that's okay because people just like cheaper shears that cut less well. Whereas if kitchen shears decline in durability, it doesn't matter how much money people would pay for shears to cut better; for any given preference, I can check whether someone is willing to pay 10 times more for something that lasts 10 times longer.