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Ha Ha 8-) Nice history lesson! The author left out the most probable hypothesis of why it didn't happen though: ownership kept all that extra productivity and
by johnea 4y ago
Ha Ha 8-) Nice history lesson!
The author left out the most probable hypothesis of why it didn't happen though: ownership kept all that extra productivity and kept working labor just as hard for no more money.
The author left out that same option in the concluding statement: Some of them might have just been saying that productivity could be much higher, regardless of whether that turned into shorter working hours, higher wages, or a combination of both
... or neither, all of the money can be diverted to "shareholder value".
This is fact the way it's almost always been. Only in situations where labor has been highly organized has the outcome be any different, i.e. workers benefiting from productivity increases.
- rendang 4y agoAt least in the US, labor share of total income has declined but not nearly enough to counterbalance all productivity growth over the same period https://fred.stlouisfed.org/series/LABSHPUSA156NRUG https://fred.stlouisfed.org/series/LABSHPUSA156NRUG