Dan Minette wrote:
Actually, not. Its fairly standard stuff for ecconomists. We could ask Brad Delong (who is a list member and fairly liberal) but IIRC, I've read stuff of his indicating that productivity growth is the foundation of real, non-inflationary growth.
Only if wages keep up with it. At least one set of statistics for the last 25 years or so says that productivity was up 52 percent, while hourly average wages dropped 10 percent.
This adds up, literally, to a large and ongoing transfer of wealth to employers, doesn't it? And hardly threatens inflation!
Or shall we reassure ourselves that we've spent a few decades building a solid foundation for our retirement and descendants? That would be quite a stretch for me.
To return to an earlier point, news reports seem to be happy to report labor productivity gains, but quite reluctant to compare it to wages.
Nick
_______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
