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It's not true that productivity is correlated with purchasing power. This hasn't been true since the 70s. This is true for an economy in general, but not for in
by i_haz_rabies 6y ago
It's not true that productivity is correlated with purchasing power. This hasn't been true since the 70s. This is true for an economy in general, but not for individuals.
- humanrebar 6y agoIt's more complicated than that. How much were pocket supercomputers back then? Or cordless phones? Or chicken pox vaccinations? Or cars designed to protect childrens' lives and health? What did almond milk cost in Duluth? How much were encyclopedias? Some things are absolutely more expensive, but we definitely have improvements since then, and automation (like modern logistics) contribute to almost all of them. To put it another way, I would rather have the median income today while doing day-to-day activities now than any past decade. And to the extent that there are downsides in those decisions, I think it's odd to say automation is to blame versus other forces like anemic growth in housing supply.