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Updated! Macroeconomics
Essay Instructions:
Hello! For our fourth discussion post, please answer the writing prompt below in 200-250 words (no more or less please;
Click on the website https://equitablegrowth(dot)org/gains-productivity/ and read the page. Pay special attention to their statement "labor productivity grew by an average annual rate of 1.6 percent from 1973 to 2011 while median hourly compensation grew at an average annual rate of about 0.3." The graph below shows the total growths in a visual manner.
A graph showing increasing productivity from 1950-2010 and increaseing wages from 1950-1970 then leveling off. Total productivity gains are 254% whereas total hourly compensation gains are 113%.
Writing prompt: If workers are more productive, why aren't they earning more? Where does that extra money go? Do you think this is reasonable?
Essay Sample Content Preview:
Macroeconomics
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April 18, 2024
One clear thing from the graph and the case was that labor productivity and worker compensation were historically tied together. Accordingly, they have followed diverging paths since the 1970s in the United States. From 1973 to 2011, while productivity grew by an average annual rate of 1.6%, median hourly compensation only increased by about 0.3%. The visual depiction of this data from 1950 to 2010 underscores the widening gap: productivity is up by 254% versus hourly compensation's rise of 113%.
This divergence raises the question of where the surplus from incr...
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