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Right, but that's the trend of capital becoming more valuable than labor, which is related, but not the same thing as looking at real-wage growth. Workers porti
by laser 8y ago
Right, but that's the trend of capital becoming more valuable than labor, which is related, but not the same thing as looking at real-wage growth. Workers portion of total production can be going down yet still be gaining an overall increase in real wages and purchasing power if it's made-up for by overall growth.
From the perspective of creating a better society, that long term trend of capital increasingly consolidating and rentiering is still dangerous and likely has a breaking point, but so long as real-wages rise for people, it's not as immediately or obviously devastating. Yet, the evidence presented in the article seemed to be pointing to real-wages not increasing, and I'm not sure that's true.