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Yes, but for what reason? If productivity is going up, that means fewer hours are needed to produce the same amount of products/services, so demand for worker
by mdorazio 11y ago
Yes, but for what reason? If productivity is going up, that means fewer hours are needed to produce the same amount of products/services, so demand for worker hours has remained roughly fixed (if you factor in population increases) while production has been increasing. Who's been getting the benefit of that increased production? Not your median household, which is the whole crux of the problem.
- ams6110 11y agoI think we all have. Many consumer products are far cheaper than they used to be for one thing. A computer workstation in 1990 was $10,000. Today one with far more computing power is under $1,000. A "family" color television in 1975 was similar to what they cost today ($500 - $1,000) but that's not adjusted for inflation, and the same money today will get one that's over twice the screen size, is far more reliable and has a far better picture. In constant dollars today's far better product costs over 75% less.
- mdorazio 11y agoFair enough, but every time I see examples like that, I have to ask - are those really standard of living increases, or just technology advances? Yes, electronics have gotten cheaper, but healthcare and education have gotten massively more expensive. More importantly, can the average worker today work less hours than his or her father did in order to live a middle class life? I would argue it's actually the opposite in many cases.