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that's all fair, but how do you account for the dramatic increase in individual productivity vs the steady level of hours? >Productivity in the United States a
by wahnfrieden 4y ago
that's all fair, but how do you account for the dramatic increase in individual productivity vs the steady level of hours?
>Productivity in the United States averaged 63.33 points from 1950 until 2022, reaching an all time high of 115.97 points in the fourth quarter of 2021 and a record low of 26.24 points in the first quarter of 1950.
it seems wrong to ignore this. productivity 5x'd since 1950, but hours roughly 1x'd. you're not speaking to why this doesn't result in higher wages for people or a shorter work day. which is implicit support of whatever the benefiting factor is.
- mlyle 4y agoWages were $3300 -- or about $40.8k inflation adjusted-- in 1950. It's about $54k now. So, it's not 5x, but hours went about .8x and wages went about 1.32x, so we're about 1.65x better off per hour. The overwhelming quantity of the benefit from productivity went to capital, though... which perhaps in unsurprising because a lot of the benefit to productivity has come from capital expenditure.