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I see all these posts and comments talking about productivity and the problem being the growth of productivity. Productivity wasn't ever a problem. Productivity
by decebalus1 5y ago
I see all these posts and comments talking about productivity and the problem being the growth of productivity. Productivity wasn't ever a problem. Productivity has definitely increased. The problem is who or what benefits from it. My layman hypothesis is that a lot of created value has been thesaurized.
- booleandilemma 5y agoThesaurized means “hoarded” for anyone else wondering :)
- decebalus1 5y agothat's right. I didn't mean to make it sound fancy. The same term exists in my native tongue and it's the preferred term in the context of economics.
- Ericson2314 5y agoThe problem with increasing productivity is that one consumption stops keeping up, it kicks off a bad spiral: spending/productity goes down labor income goes down spending goes down (rich people save much more) spending/productivity goes down ... In principle, this can continue until the now-overkill old (physical) capital falls apart, and perhaps knowledge that went with it, and living amidst ruins, spending/productivity stabilizes again.