3 ms·

Of course degrees matter. Knowledge creates productivity, which creates wealth.

• jiofih 7y ago
  You’re taking that sentence as an absolute, not in the context of low-wage jobs. And it it is a liberal fantasy, right next to meritocracy. That wealth stays put exactly where it is, at the top of the chain. All studies on labor show productivity gains far outpacing salaries in the past century. A well-paid knowledge worker today can barely meet the lifestyle of his factory worker grandparents.
  • ikeboy 7y ago
    https://files.stlouisfed.org/files/htdocs/publications/es/07/ES0707.pdf https://files.stlouisfed.org/files/htdocs/publications/es/07... This is the result Google currently features for "productivity effect on wages". The chart shows total compensation tracking productivity very closely, although it only goes back a quarter century.
    • deiznof 7y ago
      This is only because America has incredibly bloated healthcare costs - that "compensation" mostly isn't all that valuable. A $1000 slice of pizza is still only 1 slice of pizza.
      • ikeboy 7y ago
        This is inflation adjusted, which means it accounts for all that.
        • deiznof 7y ago
          This also only goes until 2006, Obamacare didn't even exist yet.