4 ms·
Another big mover came just after, 1973, the oil supply shock. This in turn lead to stagflation. Another thing I didn't see in that data set was the relative g
by tankenmate 6y ago
Another big mover came just after, 1973, the oil supply shock. This in turn lead to stagflation.
Another thing I didn't see in that data set was the relative growth / decline of union membership; i.e. how that affected wage growth, indirect effect of negotiating power. It would also be interesting to see whether that was a leading co-factor or a following co-factor.
- Gibbon1 6y agoWhat interesting is looking at world oil production over the last 100 or so years. Oil production follows a smooth exponential curve right up till about 1970. And then it becomes supply constrained.
- chmod600 6y agoUnions lose a lot of power during globalization anyway. Even if they had hung on to membership, what would they do?
- complexworld 6y agoOrganized labor can negotiate with corporations and politicians to defend the interests of their members. The way things are now in the US wasn't inevitable.