As society became more mechanized, productivity increased and the real cost of goods fell. Development economists sometimes refer to engines that boost productivity as energy slaves since they provide much more power than either human or animal power. This is how worker productivity increased enough to crank out more goods at a lower price.
The increasing productivity of labor explains why living standards have gone up over the past century, even as the U.S. dollar lost more than 95 percent of its purchasing power.
Interesting. Thanks for sharing.
Very interesting. Thanks for sharing it with us.
As society became more mechanized, productivity increased and the real cost of goods fell. Development economists sometimes refer to engines that boost productivity as energy slaves since they provide much more power than either human or animal power. This is how worker productivity increased enough to crank out more goods at a lower price.
This is good news for my Monday. The question is: is it sustainable?
The increasing productivity of labor explains why living standards have gone up over the past century, even as the U.S. dollar lost more than 95 percent of its purchasing power.
The cost of living didn’t seem to be falling when I filled my gas tank this morning.