Shame, that people think they could have the same as all western generations since the beginning of industrialization 😅
It is not a shame, it is expected but not always possible.
Yeah, of course. Productivity still rises across the board. To merely sustain our wealth, we all could work less and retire earlier, but alas, that does not work if the productivity gains get gobbled up solely by the owners ¯_(ツ)_/¯
It is not a problem of productivity but a problem of how many years you work before retiring and how many year you live after you retire (with the obvious exceptions).
I agree that the increase in productivity should generate an higher pay for the worker but that is sustainable up until a certain point, you cannot expect to work for 20 years then to live 40 or more years in retirement with the same standard of living since what you get while retired is what you accumulate while working, even with a higher productivity.
you cannot expect to work for 20 years then to live 40 or more years in retirement
Erm, we’re far away from those numbers, so let’s discuss THAT when the time comes.
But apart from that, yes, productivity gains which are shared fairly enable exactly that: work less, be it less hours or earlier retirement or a mix of both. The productivity gains do exactly what is needed for it: more output with less input, it is directly connected.
It is not a shame, it is expected but not always possible.
It is not a problem of productivity but a problem of how many years you work before retiring and how many year you live after you retire (with the obvious exceptions).
I agree that the increase in productivity should generate an higher pay for the worker but that is sustainable up until a certain point, you cannot expect to work for 20 years then to live 40 or more years in retirement with the same standard of living since what you get while retired is what you accumulate while working, even with a higher productivity.
Erm, we’re far away from those numbers, so let’s discuss THAT when the time comes.
But apart from that, yes, productivity gains which are shared fairly enable exactly that: work less, be it less hours or earlier retirement or a mix of both. The productivity gains do exactly what is needed for it: more output with less input, it is directly connected.