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Probably because any gain we're getting from productivity is being equally erased by inflation. Imagine if gas cost $.35, like it did in the mid 60s. You'd only
by delbel 10y ago
Probably because any gain we're getting from productivity is being equally erased by inflation. Imagine if gas cost $.35, like it did in the mid 60s. You'd only need to work a few days to have enough gas for the entire year.
- colanderman 10y agoThat's not how inflation works. Gains in productivity (e.g. better technology) aren't wiped out by changes in the nominal value of currency. Rather, gains in productivity could be countered by increases in the standard of living. But, since the first world standard of living has been "good enough" since the 1950s, the increases in productivity have instead fed the ever-increasing wealth divide in first world nations.