However consumer prices have gone down over the same period. A refrigerator today costs much less in terms of labor hours than it did 30 years ago. So productivity growth has led to a rise in living standards.
> So productivity growth has led to a rise in living standards.
I love seeing this statement. It's true but the people who post it never follow up evaluating whether or not productivity growth has far out-paced the rise in living standards. If productivity growth has been exponential while the rise in living standards has been linear that's a sign that there's a problem regardless of whether or not living standards have risen.
I love seeing this statement. It's true but the people who post it never follow up evaluating whether or not productivity growth has far out-paced the rise in living standards. If productivity growth has been exponential while the rise in living standards has been linear that's a sign that there's a problem regardless of whether or not living standards have risen.