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Old 10-10-2019, 12:36 PM   #7394 (permalink)
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Your chart makes my point. Let's consider. The only way overall world labor wage has increased is with world economic growth and from the fact that until very recently, subsistence farmers earned essentially zero dollars. But infinite growth cannot continue on a finite planet. The other factor in increasing GDP per capita in emerging countries is due to a shift of labor wages from the countries that previously had the jobs, to the new labor markets where wages are cheaper. The previous job holders have given their manufacturing jobs to the developing countries and are now forced to accept a lower pay standard due to the higher competition for whatever jobs (bartenders and waitresses) remain. The corporations and owners of production can lower their pricing somewhat to stay competitive with each other, but the other obvious result if you look at the executive earnings charts is that they are in a position to also keep more of the profits and share less with the workers since the increased globalized labor pool of formerly subsistence farmers, now turned workers, has created an over supply of workers. And the advent of increased automation has created an over supply of workers.