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Economics is about dividing up scarce resources "dismal science". You can't have the real purchasing power of the average person go up without there being more
by asperous 4y ago
Economics is about dividing up scarce resources "dismal science". You can't have the real purchasing power of the average person go up without there being more stuff to divide up (more efficient production, more production, etc).
You can make things more or less equal, but inflation by itself doesn't cause this to happen.
- mrguyorama 4y agoExcept Productivity HAS been going up ENORMOUSLY in the past many decades, while that immense increase in created value has NOT gone to the workers.
- nybble41 4y agoWhere do you think it's gone? Complain about the wealthy all you want–their personal consumption of goods and services isn't that much higher than the average.