4 ms·
Money might move from capital to labor, but you aren't getting any extra production of goods. The stuff labor wants to buy still has the same amount of scarcity
by Aerroon 3y ago
Money might move from capital to labor, but you aren't getting any extra production of goods. The stuff labor wants to buy still has the same amount of scarcity. Ie you will get inflation.
You need to encourage more (efficient) production to make labor better off.
- oblio 3y agoProductivity has risen a ton since the 1970s. Wages are practically flat. Software and the internet haven't helped, quite the opposite. The profits are captured at the top.
- gottorf 3y agohttps://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ 1970s, of course, is when the dollar started being backed by nothing more than "full faith and credit".
- oblio 3y agoThat graphic is misleading: https://www.yesigiveafig.com/p/what-really-happened-in-1971 https://www.yesigiveafig.com/p/what-really-happened-in-1971