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However consumer prices have gone down over the same period. A refrigerator today costs much less in terms of labor hours than it did 30 years ago. So productiv
by briandear 9y ago
However consumer prices have gone down over the same period. A refrigerator today costs much less in terms of labor hours than it did 30 years ago. So productivity growth has led to a rise in living standards.
- knightofmars 9y ago> So productivity growth has led to a rise in living standards. I love seeing this statement. It's true but the people who post it never follow up evaluating whether or not productivity growth has far out-paced the rise in living standards. If productivity growth has been exponential while the rise in living standards has been linear that's a sign that there's a problem regardless of whether or not living standards have risen.