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While I should look up a chart, I'm not able to at the moment, but I'd point out that computerization should have added a large constant factor to labor product

While I should look up a chart, I'm not able to at the moment, but I'd point out that computerization should have added a large constant factor to labor productivity starting in the 90s, you'd expect wages to rise proportionally if that's the case (and for the jobs displaced to be replaced with high wage jobs too). I can point out banking deregulation, airline deregulation, oil extraction deregulation.... it hasn't been a uniform march in a single direction, but there has been significant deregulation in core industries. One might point out that the construction industry is now safer, as in fewer people die per building. It's not really possible to justify any deaths for construction in reasonable circumstances. The question is has a doubling of wages kept pace with the increase in wealth in those countries? I suspect 2x is far below the wealth that was produced. It would be helpful to discuss a particular example.

CryptoPunk 9y ago
>>but I'd point out that computerization should have added a large constant factor to labor productivity starting in the 90s, you'd expect wages to rise proportionally if that's the case (and for the jobs displaced to be replaced with high wage jobs too). Computerisation provided a brief boost to labour productivity in the late the 1990s, but that quickly vanished. Labour productivity growth has been at/near century-long lows since the early 2000s, and from the early 1970s to mid 1990s. I would dispute that we've seen an overall reduction in banking regulations. From what I've heard from those inside the financial industry, the costs of regulatory compliance have risen enormously. Less anecdotally, filing fees for initial public offerings have also increased significantly. All classic signs of rent-seeking. And then there's KYC/AML/ATF regulations, that have seen enormous growth since the early 1970s, and especially since 911. On top of all of this a new class of affirmative action type regulations and regulatory pressure that encourages banks to increase lending in particular neighbourhoods where disadvantaged groups are overrepresented has emerged over the last 40 years and steadily become more pervasive. Beyond the financial sector, any broad measure of the scope of regulations shows that it has increased significantly since the 1970s, at rates far exceeding economic or population growth. >It's not really possible to justify any deaths for construction in reasonable circumstances. Numerous people die everyday from numerous causes. A more developed economy generally lowers the risk of death from many causes. So you can definitely justify voluntarily assumed risks in employment, that are associated with more workplace deaths, with a more rapid rate of construction specifically, and economic development generally. But whether fewer regulations is desirable somewhat beside my point. My main point is that by no reasonable standard has the US become more 'neoliberal' (free market) economically. >>The question is has a doubling of wages kept pace with the increase in wealth in those countries? I suspect 2x is far below the wealth that was produced. Our primary concern should be increasing median wages and reducing poverty, not ensuring equally distributed gains. In any case, it's been pretty equally divided. One third of developing countries have seen income equality improve, one-third have seen it remain the same, and one third have seen it worsen.

CryptoPunk 9y ago

>>but I'd point out that computerization should have added a large constant factor to labor productivity starting in the 90s, you'd expect wages to rise proportionally if that's the case (and for the jobs displaced to be replaced with high wage jobs too). Computerisation provided a brief boost to labour productivity in the late the 1990s, but that quickly vanished. Labour productivity growth has been at/near century-long lows since the early 2000s, and from the early 1970s to mid 1990s. I would dispute that we've seen an overall reduction in banking regulations. From what I've heard from those inside the financial industry, the costs of regulatory compliance have risen enormously. Less anecdotally, filing fees for initial public offerings have also increased significantly. All classic signs of rent-seeking. And then there's KYC/AML/ATF regulations, that have seen enormous growth since the early 1970s, and especially since 911. On top of all of this a new class of affirmative action type regulations and regulatory pressure that encourages banks to increase lending in particular neighbourhoods where disadvantaged groups are overrepresented has emerged over the last 40 years and steadily become more pervasive. Beyond the financial sector, any broad measure of the scope of regulations shows that it has increased significantly since the 1970s, at rates far exceeding economic or population growth. >It's not really possible to justify any deaths for construction in reasonable circumstances. Numerous people die everyday from numerous causes. A more developed economy generally lowers the risk of death from many causes. So you can definitely justify voluntarily assumed risks in employment, that are associated with more workplace deaths, with a more rapid rate of construction specifically, and economic development generally. But whether fewer regulations is desirable somewhat beside my point. My main point is that by no reasonable standard has the US become more 'neoliberal' (free market) economically. >>The question is has a doubling of wages kept pace with the increase in wealth in those countries? I suspect 2x is far below the wealth that was produced. Our primary concern should be increasing median wages and reducing poverty, not ensuring equally distributed gains. In any case, it's been pretty equally divided. One third of developing countries have seen income equality improve, one-third have seen it remain the same, and one third have seen it worsen.