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Should we return to Keynesian economics?
Connor Ortiz
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Leo King
Economy is a meme user.
Elijah Cook
Then you're probably okay with moving to Greece or South Africa?
Carter Lee
Because economy became mundial and very capitalistic
So if you have a capital it s a very nice time for you
And if you are born in the wrong place you will have to find a way to get capital or you work and live a simple life.
Colton Johnson
The gap is due to productivity coming from machines. No sensible policy will close the gap. You can only deploy UBI or "remove" excessive population.
Brody Reed
How does automation explain that the divide began exactly in 1973-1979? That's when Keynesianism was abandoned.
Also, automation existed well before 1979. Industrial accumulation of capital began far earlier, and it led to wage increases.
Jonathan Robinson
could it just be a diminishing returns situation,
There's convergence to an equilibrium or max productivity state. our capacity for productivity is finite so the rate at which we can increase it slows over time.
Michael Turner
>That's when Keynesianism was abandoned
That could have been just a spark.
Also machines were dumb back then and needed operators. Now that's not the case.
Jayden Fisher
Your argument is interesting, and I indeed believe automation to be the second cause if wage stagnation.
But what's still contradicting it is the rapid industrial expansion in low-wage countries, such as China. If infustrial production relied mostly on machines, that wouldn't be the case.
Dominic Baker
Interesting. Do you have a similar productivity vs compensation chart for China?