(to complete the comment above) … and that you assume the technology is also mostly stagnant in the last 2 decades, which it certainly wasn’t, especially in the computer science world. Though it could’ve got much much faster if people were paid more relative to what they produce.
SCB@lemmy.world 1 year ago
Also strongly correlating with advancement in technology.
walkercricket@sh.itjust.works 1 year ago
SCB@lemmy.world 1 year ago
While it is certainly plausible that there are diminishing productivity returns from technology, there is little evidence that paying people relative to their production increases production at all.
Most people in America don’t make things, and their productivity is an intangible concept.
walkercricket@sh.itjust.works 1 year ago
There are evidence. A lot of evidence. Any country where the minimum wage was raised significantly, even if most of the time, it’s the private enterprises which end up paying those workers, we can see a boost of the GDP, which is the metric usually used to measure the consumption (and therefore production) of a country, considering something like 70% of the GDP is direct consumption (don’t remember the exact stat). The simple reason behind it is that if you give people money, they will spend it, paying the companies and people making the stuff so they can make more stuff. How can you except products to be sold if nobody has the money to buy it? And considering a lot of people talk about the price rise and hot having the money to pay this or that, it becomes basic logic, at this point.
SCB@lemmy.world 1 year ago
Raising the minimum wage is not thing their wage to their production
orrk@lemmy.world 1 year ago
not really, once you look at this over a longer time span you can see that no it does not correlate with technology, unless you think that technology basically stagnated between ww1 and the 80s