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YouTube Comments - 41 Comments
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Technology drives productivity growth, but it alone is not sufficient to translate that productivity increase into wage increases.
Since 1971, most of the value generated by increased productivity has been captured by financial institutions and shareholders, rather than being distributed broadly across society.
42 |
Once upon a time, men dreamt that increases in technology would decrease our weekly hours needed to work. So far, it's been the complete opposite. We work more, for less, and produce more, all in the name of supporting an upper class that's content to rest on its laurels and talk about how much they work.
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I appreciate that you always try to give people a platform if they disagree, but its just a fact that wages have not increased at a rate proportional to industry growth, especially over the last four decades. This can be and has been quantified, I think its okay to just state it plainly
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Nope, it feels like a huge circle jerk. The increase in productivity is aimed at increased extraction power. I have the feeling most stuff we ābuildā today are useless cover ups for money grabs.
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No I haven't.... Companies just use less people
6 |
Technology hasn't freed me at all. At work, I have intensive mental work to do as computers take over the simplest tasks. I have fewer colleagues because a computer can do some of the job. The final straw is idiots who complain to me that they cannot use ChatGPT and other AI to replace me and that I should look into that. Let me start right now so you can save another salary.
In my personal life, not at all. A fridge uses less power than before, but still keeps food cold. Vacuum cleaners are still noisy and pretty much the same. Prices are sky high and it won't get better at all that I can see.
Our economies are broken. A few benefit and squeeze everyone else harder to get that little bit more. To build guillotines wouldn't be moral, but it's not like the boot will be removed from the throats of the common people by a polite request or a political vote.
8 |
Technology certainly opens up jobs that did not exist before. Youtube, for example, and social media more broadly did not exist as it does now prior to the internet. You could certainly say internet-centric jobs benefit from recent technological advances. Perhaps not the laborers working those jobs, but the work itself benefits.
As for me personally, what I do for a living would not exist without the most recent computing technologies.
Creating careers with new technology is not quite the same as accelerating productivity growth, as the new careers would need higher efficiency than the old ones in some monetarily measurable sense. I just figure that in a conversation about the impact on economics outcomes, this factor cannot be ignored.
cant wait for someone to disagree with what i wrote or found a typo, start flaming me in the comments, and then i have to delete this just to stop the notifications.š¢
9 |
I am an economist (minor) and you absolutely have. Frog in water type thing.
Trouble is, unmitigated growth was chosen over a less efficient but more beneficial socialized growth model. Mostly because the unmitigated growth version can deliver larger growth within short term governance periods at the cost of a healthy society, and because of economic arms racing.
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It begs the question of what āimportant workā is and the perspective answering that is necessarily affected by the technology. What I am specifically thinking of here is the increase hours we spend cleaning our homes now that ālabor saving devicesā have have raised the bar for what a clean home should look like but I would not be surprised if there are other examples. We have this (correct) idea that this kind of work was difficult but donāt understand that carpets were cleaned twice a year or that outfits were constructed in such a way that you regularly washed the underclothes that got sweaty but didnāt have to hand wash the entire outfit each time you wore it. The idea of living in such a house is such a far cry from the 2023 housekeeping standard where we are encouraged to decant our soaps into more attractive containers that it is hard to objectively evaluate what of those changes really are important - I know I struggle with it myself. But no one who has a Roomba is running it twice a year. Instead, they are looking at that very clean part of their house and thinking about all the other parts of the house that now arenāt equally āgoodā as they clean out the dirt a few times a week, unclog it once a quarter, and spend a rainy weekend day online to see if there is a better version on sale.
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I am more repressed and busy than ever š¦š„šæš¦
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I felt a derect correlation between layoffs less pay demotions with increasing automation and technological advancement. Though that just might be my own life experiences.
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I feel depressed and oppressed, and like I don't have a future anymore.
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Iām old enough to remember when before going on a family vacation, my parents would stop at AAA and get them to produce a Trip-tic flip map so that we could navigate across the country. Now you just speak an address into your phone and off you go. I remember when correcting a word you typed involved using white-out. Yes, technology allows for less time being wasted.
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I have a job in tracking the sustainability of production processes. A job that is enabled by new technologies and important to society for combating climate change and it's something that wasn't done before. So it's more productive in the sense that products that before had no data or no reduced climate impact now do. So I agree with 80% of this. The one difference is that I am not bennefiting much. Yes I can buy more sustainabily sourced products that I and other people produce. But overall my standard of living is lower than that of my parents.
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No, I have not felt any of that.
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You said it. Capital has been freed from the people...
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new tech is better BUT it not helping wages
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Technology has advanced but pay doesn't correlate. Maybe I'm feeling the hedonic treadmill, but things have gotten worse. Ex. I bought my first phone last year (my social worker had to encourage me to buy it, dispite it's price one of the lowest) and still rely on drop in centres and food banks after 8yrs. Can't earn more than $1k per month else ODSP takes everything and got to live off %25. Therapy is too expensive and counsiling if you're lucky to get into gives you 15 sessions, after a 2yr wait list. This isn't doable. Mental health has already been fragile but the will to live is a burden.
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I think, by "the entire population" they mean "the rich people we actually care about"
Make that change and it suddenly ferls true.
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@Metonymy1979
7 months ago
The problem is that even though productivity and jobs have increased; people still aren't paid enough, going back to normal after covid has been rough on mental health and housing is out if control. Even if the economy looks good on paper, it doesn't reflect in people's lives because 2 huge essential costs have increased too much. Housing and food.
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