4 ms·
I think it's also worth pointing out that, while gains in productivity from increased automation that Keynes predicted would contribute to a 15 hour work week m
by nbrempel 7y ago
I think it's also worth pointing out that, while gains in productivity from increased automation that Keynes predicted would contribute to a 15 hour work week may have been realized, the CEO-to-worker compensation ratio has risen quickly. Because of this, the gains would not have been distributed evenly.
"From 1978 to 2013, CEO compensation, inflation-adjusted, increased 937 percent, a rise more than double stock market growth and substantially greater than the painfully slow 10.2 percent growth in a typical worker’s compensation over the same period." [0]
"The CEO-to-worker compensation ratio was 20-to-1 in 1965 and 29.9-to-1 in 1978, grew to 122.6-to-1 in 1995, peaked at 383.4-to-1 in 2000, and was 295.9-to-1 in 2013, far higher than it was in the 1960s, 1970s, 1980s, or 1990s." [0]
[0] https://www.epi.org/publication/ceo-pay-continues-to-rise/ https://www.epi.org/publication/ceo-pay-continues-to-rise/