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by wishigotitfree
1837 days ago
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> Yes, GDP has been going up for a long time in many countries, and so the "average wealth" of each generation is going up. GDP does not correlate to "average wealth" and is itself a dubious measure for economic progress depending on what figures you pick to calculate it. Also, no matter what metric you use, the "average wealth" of the younger generations, particularly millennials, is not in fact higher than their predecessors. The level of their productivity is a historical high point, but this is infamously contrasted by stagnating wages, assets, and by some metrics even overall quality of life. |
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That's only if you look at developed nations. The average wealth in Asia has exploded. The market for labor is far more globalized now, so you have to compete with people used to lower standards of living.
>The level of their productivity is a historical high point
Who's deserves credit for the productivity? Warehouse workers didn't suddenly get twice as good as good as moving inventory by themselves, they did so because Amazon investors invested in automation