Productivity is an economic term of art, which IS the context of this discussion.
Productivity in the non—services sector of the economy has increased dramatically. You can buy much, much more stuff per inflation adjusted dollar.
There remains rigidity in the market, which doesn’t generally make it easy for people to work 15 hour weeks to earn a 1940s income, but really, productivity for goods has dramatically increased.
Productivity in the non—services sector of the economy has increased dramatically. You can buy much, much more stuff per inflation adjusted dollar.
There remains rigidity in the market, which doesn’t generally make it easy for people to work 15 hour weeks to earn a 1940s income, but really, productivity for goods has dramatically increased.