Doug,
I guess the question I raised is really addressed by the history you
cite. Is this a chicken and egg thing?
Or, actually, chicken AND egg? When a slowdown in consumption
occurs, does that pull down productivity gains? And do productivity
gains speed up consumption, thus feeding productivity gains?
Gene Coyle
On Sep 22, 2007, at 10:13 AM, Doug Henwood wrote:
On Sep 22, 2007, at 1:03 PM, Michael Perelman wrote:
But this sort
of technology is certain to displace workers, at least in the short
run, unless a
fall in prices increases real incomes enough ....
The U.S. added over 16 million jobs during the period of the
productivity acceleration, from 1995 to 2001. Real wages also rose
across the board. The working class has done worse under the recent
productivity slowdown. The working class did well during the strong
productivity growth of the 1950s and 1960s, and poorly in the
slowdown of the 1970s and 1980s. So I really don't understand what
you're talking about.
Doug
