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Not just computerization but also: 1) Women entering the workplace. This increased the supply of workers without increasing demand, which drives down prices.
by rhino369 11y ago
Not just computerization but also:
1) Women entering the workplace. This increased the supply of workers without increasing demand, which drives down prices.
2) Global trade. Post WWI it was the US >> Western Europe >> Everyone else. By the 1980's Japan was resurgent and the third world started opening up factories. Unskilled factory workers had been solidly middle class, but now they have to compete with someone in the third world making dollars a day.
3) Growth of financial sector that doesn't employ nearly as many people as the GDP it creates.
- frandroid 11y ago> 1) Women entering the workplace. This increased the supply of workers without increasing demand, which drives down prices. Women earning salaries led to higher consumption.
- gaius 11y agoBoth can be true. Consider that the majority of employees produce more value than they personally consume.
- a8da6b0c91d 11y agoLol at how nobody ever mentions immigration. Total labor hours haven't increased since 2000 but we've imported tens of millions of people. I'm not an economist but I think it's obvious that the average person would be having an easier time getting paid without the added population.