7.05.2005
Robotic Nation is happening right before our very eyes 2...
Were the Good Old Days That Good?
From the article:
From the article:
- That symbiotic relationship worked very well for Tom Rath. From the late 1940's through 1973, productivity grew at an annual rate of nearly 3 percent, and incomes rose almost as briskly. Then came a horrific slowdown: productivity fell back to an annual growth rate of less than 1.5 percent from the mid-1970's to the mid-90's, and median income hardly rose at all.
The revival that started in 1995 brought productivity growth back to its old rate of increase, and for five years incomes also rose smartly. What happened next is tough for economists to explain. The productivity growth rate has stayed strong - rising at an average annual rate of just under 3 percent since 1995, according to the Bureau of Labor Statistics. But starting in 2000, median income, adjusted for inflation, has grown more slowly every year - and this year the increase is almost imperceptible.
'There is no question that a huge gap has opened up between productivity and living standards,' said Jared Bernstein, a senior labor economist at the Economic Policy Institute.
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Marshall, I am glad that you recognize these seemingly insignificant changes that most people gloss over when denying your predictions will ever come true. Recognizing change is more than just highlighting sensational and obvious news. It is seeing the subtle changes occuring in the background and herald much more fundamental paradigm shifts. Teasing out what is significant about a rise in productivity and profits even as employment rates stagnate is not easy, and I think that talent is what impresses me the most about your work on this subject. This skill is similar to the "globalist" approach Thomas L. Friedman takes in his examination of globalization and the flattening Earth. The results, however, are often the most difficult to articulate to the layperson, and the most difficult for them to accept.
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