3 ms·
Productivity has increased by nearly an order of magnitude since the 1960s but real wage growth hasn't kept up. The vast majority of wealth created in our curre
by kunai 3y ago
Productivity has increased by nearly an order of magnitude since the 1960s but real wage growth hasn't kept up. The vast majority of wealth created in our current economic system flows to corporations and asset management, which has had its good effects -- creation of new capital enterprises, VC, etc -- but also created a massive network of rentier capitalists like Ken Griffin whose motives for said wealth generation are unclear. The latter group would like nothing more than to sit on their unrealized gains and watch their porfolios increase in value with little to no concern for the net benefit of free enterprise, entrepreneurship, or society at large.
Given that, it's hard to imagine a technocratic future where ML and LLMs enable increased productivity with a lower workload. The prevailing trends just run diametrically counter to the idea that this type of technological progress will yield any significant relief for the working and middle classes. The more likely scenario is that you use AI to increase your productivity and end up working the same hours every week with minimal wage growth, all in sacrifice to the great god of GDP.
- wnc3141 3y agoIncome inequality is ultimately a public policy problem, not a productivity problem
- TexanFeller 3y ago> Productivity has increased by nearly an order of magnitude since the 1960s but real wage growth hasn't kept up You're thinking quite locally, while the labor market is now largely global. What is our increase/decrease in productivity relative to our global competitors in Europe and Asia? Since we buy almost all our goods from them now, intuitively our wage increase/decrease would more closely track that than our local productivity.