Also, I have a pet theory that an increasing ammount of labor is being used to produce and service capital and infrastructure itself, as we transitioned to a service and knowledge economy.
If the real GDP growth is going to build, service, and maintain the backhoe, that doesnt result in more physical goods for consumers and additional compensation to workers is inflationary.
If true, much if the GDP growth is illusory, composed of busywork. We aren't producing 250% more physical goods like housing and hamburgers per capita than in 1971.
If the real GDP growth is going to build, service, and maintain the backhoe, that doesnt result in more physical goods for consumers and additional compensation to workers is inflationary.
If true, much if the GDP growth is illusory, composed of busywork. We aren't producing 250% more physical goods like housing and hamburgers per capita than in 1971.