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Economic activity, ie. labor productivity has increased 252.9% since 1950, but pay has only increased 115.6%[1]. The wealthy and especially the very wealthy h
by robert_foss 6y ago
Economic activity, ie. labor productivity has increased 252.9% since 1950, but pay has only increased 115.6%[1].
The wealthy and especially the very wealthy have prospered[2], and those doing manual labor have been left behind. In a society like the US with very low social mobility[3], colloquially referred to as 'the american dream', it is especially crippling to ones future to be born in blue collar family.
[1] https://www.epi.org/productivity-pay-gap/ https://www.epi.org/productivity-pay-gap/
[2] https://www.epi.org/publication/decades-of-rising-economic-inequality-in-the-u-s-testimony-before-the-u-s-house-of-representatives-ways-and-means-committee/ https://www.epi.org/publication/decades-of-rising-economic-i...
[3] https://en.wikipedia.org/wiki/Global_Social_Mobility_Index https://en.wikipedia.org/wiki/Global_Social_Mobility_Index
- andromeduck 6y agoThat's an infamously bad study. https://www.reddit.com/r/badeconomics/comments/6rtoh4/productivity_pay_gap_in_epi_we_trust/ https://www.reddit.com/r/badeconomics/comments/6rtoh4/produc...
- robert_foss 6y agoThere are other studies showing the same picture. http://www.oecd.org/economy/decoupling-of-wages-from-productivity/ http://www.oecd.org/economy/decoupling-of-wages-from-product... https://www.epi.org/publication/understanding-the-historic-divergence-between-productivity-and-a-typical-workers-pay-why-it-matters-and-why-its-real/ https://www.epi.org/publication/understanding-the-historic-d...
- deleted 6y ago[deleted]
- cousin_it 6y agoYour second link seems to confirm the main point of the Reddit post, about median vs top workers.
- andromeduck 6y agohttps://economicsfromthetopdown.com/2020/01/17/debunking-the-productivity-pay-gap/ https://economicsfromthetopdown.com/2020/01/17/debunking-the...
- ahelwer 6y agoYou've been posting this link all over the thread. Reddit posts exist somewhere on the credibility continuum between facebook posts and some random person's blog.
- okthenletssee 6y agoA couple of billion people have also been added to the workforce at the same time.