Thats a good point. I wonder how output is measured. Is it revenue or a more real measurement of goods and services?
Parsani
joined 2 years ago
How would go about measuring economic output in the US economy without factoring in financial products and speculation?
You would have to look at it by sector, in this case excluding the financial sector and likely real estate. I'm gonna try and figure out how this productivity number gets worked out when I get a chance. It's so nebulous. Looks like the BLS has some data broken down by industry. I'd love something to read on this though if anyone seeing this has suggestions. It's always been a measurement I've accepted at face value and never looked into.
I believe this is how it is measured, but I couldn't find something on the feds website. This is from the BLS:
A labor productivity index can be calculated by dividing an index of output by an index of hours worked.
I guess it boils down to an increase in the rate at which labor/capital is exploited. So as it goes up, either working conditions get worse or there has been an increase in output from advances in automation/efficiency. I don't think gov stimulus would fall into this other than financial product and speculation going up? I don't know if that is measured in this, and if so, it's useless.
Relative to gdp per capita, wages are at their lowest point in history.
Also a reminder that the "spike" in wage growth in 2020 was illusory as many more low wage workers were laid off or fired compared to higher wage workers.
Here is versus productivity. Can someone explain to me how productivity grew when a bunch of people were laid off?
The thin brown line
There must be an earlier instance of terms like amerikkka
Hexbear shows up as the third result when googling the term. Amazing.
Professor Chomsky, welcome to the resistance
It's probably cheddar, but kaine seems like the kind of dude who eats American cheese as a snack
We hired him to document our special day. Stand up guy. Loved the turkey.
Make productivity increase dramatically with this one trick capitalists hate because suffering is the point.