2 ms·
Wages 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, s
by mlyle 4y ago
Wages 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.