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That argument, like all arguments that somehow equate wages with inflation, would hold water if the productivity of the workforce was constant. We know that it
by usrbinbash 3y ago
That argument, like all arguments that somehow equate wages with inflation, would hold water if the productivity of the workforce was constant.
We know that it isn't. Productivity of the workforce is ever increasing. The generated wealth simply doesn't make it to the workforce.
- Levitz 3y agoDoesn't it? And I don't, by any measure, mean that all of it does, but nowadays we have luxuries we simply didn't have before, are these not fruits of that increased productivity?
- usrbinbash 3y ago> but nowadays we have luxuries Who's we? I know I am living a privileged comfortable life, yes. I am certain many people in my chosen profession as a software dev do. But I also know that there are alot more people struggling to provide basic necessities for their families, despite working 40+h per week. And I am not talking about cellphones here. I am talking about a roof over ones head, clothes on ones back, food on the table and medical services.
- kaashif 3y ago> The generated wealth simply doesn't make it to the workforce. Some of it does - real wages in the US are higher than in the past: https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q
- thedragonline 3y agoLet me contextualize that "some" for you: https://fred.stlouisfed.org/graph/?g=17rEg https://fred.stlouisfed.org/graph/?g=17rEg Real wages have effectively flat-lined over the past 50+ years.