3 ms·
Point 1 is reasonable, point 3 arguable, but point 2 is way off.. > The drop in productivity is a fake as it is still higher than in 2010 before Covid. Could
by pygy_ 4y ago
Point 1 is reasonable, point 3 arguable, but point 2 is way off..
> The drop in productivity is a fake as it is still higher than in 2010 before Covid.
Could it be that we made technological progress in the mean time?
The drop definitely isn't fake (https://www.bls.gov/charts/productivity-and-costs/nonfarm-business-sector-productivity-percent-change.htm https://www.bls.gov/charts/productivity-and-costs/nonfarm-bu..., look at the blue line), and a stark break from a consistent increase in productivity that's been ongoing for decades with few exceptions (https://ourworldindata.org/grapher/labor-productivity-per-hour-pennworldtable?tab=chart https://ourworldindata.org/grapher/labor-productivity-per-ho...).
- raxxorraxor 4y agoWell, if the noise of productivity seems to allow +10% year-to-year, it is the same in the other direction. I simply don't believe the prognosis. https://www.washingtonpost.com/business/2022/10/31/productivity-down-employers-worried-recession/ https://www.washingtonpost.com/business/2022/10/31/productiv... This is a typical media filler story. Textual bullshit. Reality was probably too boring again.
- pygy_ 4y agoIt's not year-to-year noise, it's quarter-to-quarter, and there's a seasonal pattern that vanishes if you do year-on-year quarter comparison (see the solid blue line in the bls.gov chart). The WaPo article only shows the dotted line data from the BLS graph, which is far noisier, but shows two consecutive quarters of decline, which is unusual too.