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Improvements in consumer technology is arguably offset by lots of areas of the economy becoming less efficient every year. Consider infrastructure, health care
by saddlerustle 6y ago
Improvements in consumer technology is arguably offset by lots of areas of the economy becoming less efficient every year. Consider infrastructure, health care and education - those sectors require more labor now to produce the same or less output than they use to.
- lotsofpulp 6y agoDeclining real wages for decades are my evidence that supply curves are ahead of demand curves. I don’t see why education needs more labor, the number of children will be declining for the foreseeable future. More importantly, the buyers of that labor (government) are famously stingy and with budgets already strained with pension and other debt, I doubt they’re going to give up any extra wage gains.
- maerF0x0 6y agonot that we should go back, but it's worth noting that women entering the workforce probably greatly increased the supply side of the equation. Concurrently we're needing less and less people whilst also trying to figure out what to do with all this new supply introduced.
- lotsofpulp 6y agoYes, that was also a huge factor.