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1 TheAntichrist  Fri, Apr 12, 2013 7:27:04am

I expect wages as a percent of GDP to continue to fall, regardless of government policy. This is primarily due to technology, fewer workers are needed to produce the same amount of work. Instead of a room full of clerks processing mail orders like at Sears in 1950, at Amazon a computer just spits out the order directly to the warehouse floor. Much of the work building automobiles is done by robots, which weld sheet metal together faster and at higher quality than any human could. Even cashiers at grocery stores have been replaced by bar code scanners operated by the customer. Delivering paper newspapers by hand by an army of truck drivers gives way to electronic distribution, helped along by sites such as this one operated by what are essentially unpaid volunteers.

Government policy isn’t going to stem the tide of technology. I don’t know what the future holds, except that wages as a percentage of the economy will continue to fall.

2 Haywood Jabloeme  Fri, Apr 12, 2013 9:06:17am

So, most studies show technology to be much less that half of the reason why this is occurring but you say that the govt policy isn’t going to ste, the tide.

But this leaves and huge question unanswered if the economy has changed from a state where those running a business have to, at least some degree, employ a portion of those in the economy within which that business exists to one in which something, you say technology, has changed it where the people running that business and investing in it, benefit without returning much of anything back but ROI then how long can such a system last. Not only that, but since not requiring much labor to produce goods and services i.e. higher productivity, should lower the price of those goods and services. Except for IT, this is not the case.

As we do in physics this to the limit - in an economy where all the goods and services are produced without the need to pay anyone in that society to produce them, then those people cannot afford to pay for them. So you are saying that this is the ultimate form of off-shoring.

Then, how fair is it to those in that economy that do not participate, to be asked to stand by while a few others greatly benefit? What legitimate society wouldn’t make a tax structure and policy that ensures that this doesn’t happen?

There is a model, its the “Progressive Movement” of which, a Republican president was the best example of, Teddy Roosevelt.

3 Eclectic Cyborg  Fri, Apr 12, 2013 9:42:36am

Another thing to mention is that major corporations have fatter bank accounts than ever before because practically every one that received stimulus and/or bailout money just chucked it in the vault rather than letting it “trickle down” as was the original (flawed) intent.

4 Political Atheist  Fri, Apr 12, 2013 11:18:53am

re: #3 Eclectic Cyborg

Hiring goes with demand, which is still pretty low given the abysmal labor participation rate. Too few paychecks I guess is the way to describe that.

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