Needless but highly profitable forced-upgrades are the bread and butter of the tech industry.
One of the enduring mysteries in conventional economics (along with why wages for the bottom 95% have stagnated) is the recent decline in productivity gains (see chart). Since gains in productivity are the ultimate source of higher wages, these issues are related. Simply put, advances in productivity are core to widespread prosperity.
US Productivity Growth, 1980 – 2016 – Click to enlarge
But that’s only half the problem–productivity gains have flowed to the top of the income-wealth pyramid as financialization and cartels have replaced real-world wealth creation as the source of wealth-income.
Cumulative Change, 1945Read More »