3 ms·
I came across this theory the other day https://en.m.wikipedia.org/wiki/Baumol%27s_cost_disease https://en.m.wikipedia.org/wiki/Baumol%27s_cost_disease It seem
by goalieca 10y ago
I came across this theory the other day https://en.m.wikipedia.org/wiki/Baumol%27s_cost_disease https://en.m.wikipedia.org/wiki/Baumol%27s_cost_disease
It seems to me to nicely explain the rise in incomes for, ironically, the least "productive" professions such as Health care, professorship, etc relative to anything that can be automated for high productivity.
- EGreg 10y agoWhy should increased worker productivity increase wages? Over a significant length of time, it does the opposite. If one worker can do the job of 100, then demand for human workers will go down in that industry. For any "Amazon warehouse slave" who demands $15 an hour there will be plenty willing to take the job.