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Of course, some important kinds of productivity aren't measured at all, or just barely. If I buy a video game today, its virtual territory is much bigger and mo
by Nomentatus 10y ago
Of course, some important kinds of productivity aren't measured at all, or just barely. If I buy a video game today, its virtual territory is much bigger and more detailed than a decade ago, but that increase isn't reflected in economic statistics. Nor better resolution on TV, etc, etc. What's easiest to measure is whatever is most obsolete or traditional, which is to say, whatever isn't keeping up with the times. I'm not saying there aren't other losses, however. Years where wages went up by 4% in the U.S. were common until Reagan took office; they've never happened in all the time since - in fact raises of 2% are rare now.
I wonder whether goods becoming more durable in general is an influence. Cars last a lot longer now than when I was young, but they aren't as easy to make. It's easier to churn out shoddy goods than long-lived ones; as consumers insist on better quality, the "same" item takes longer to make.