Economist Mark Perry’s “Chart of the Century” tells a striking story about prices.

Comment “Prices” and we’ll send you a video on the topic. Over the past several decades, many goods largely produced in competitive markets, from televisions and software to household appliances and communication services, have become dramatically better and more affordable. Meanwhile, sectors where government financing, subsidies, licensing, and regulation play a much larger role, especially healthcare and higher education, have experienced some of the steepest price increases. The pattern raises a question worth asking: what happens when consumers are insulated from prices and providers become accustomed to subsidies, guaranteed financing, and limited competition? Competition forces businesses to economize. Profits reward serving consumers efficiently, while losses expose waste. Government programs can weaken those disciplines, allowing costs and administrative layers to grow without the same pressure to deliver more for less.