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This post is very strange to me. It talks about our 3% increase in wages like it's an incredibly bad sign of instability in our economy, yet ignores the fact th
by TheAdamAndChe 9y ago
This post is very strange to me. It talks about our 3% increase in wages like it's an incredibly bad sign of instability in our economy, yet ignores the fact that wages have been stagnant for decades now. I also wonder if those wage increases went to the upper class, or lower?
I'd argue that this shift in worker/employer leverage balance is long overdue, and focusing on improving the gross inequality between the classes should be more important than having our economy continue some sort of exponential growth. We are currently living the future, it's just not distributed evenly.
- gumby 9y agoI think the fetish for GDP and how PPP are calculated [+] mask some actual growth. The number of hours you have to work to buy a meal, pay rent, buy a TV, etc have plummeted, not to mention there was no consumer Internet in the 1990s, much less Netflix (going to the movies was a big production, especially if you didn't live in a big city). IMHO when looked at that way wages have risen. This is essentially a corollary of Baumol, though he didn't write about it. [+] Like the Dow, the value they bring is a little bit of temporal comparison capability. But they were designed to give a back-of-the-envelope view that could be calculated by pencil and paper. But people mistake the map for the landscape...