Re:America's 1% Has Taken $50T From the Bottom 90%
by leetcrew on Thursday February 11, 2021 @04:10PM
(#26107239)
gdp per capita is not a good proxy for wages.
Re:America's 1% Has Taken $50T From the Bottom 90%
by dcolkitt on Thursday February 11, 2021 @05:14PM
(#26108115)
Labor share of GDP went from 64% in 1950 to 58% today. That means wages grew slightly slower than GDP per capita, that’s certainly not enough to mean wages grew sub-exponentially.
For wages to grow linearly, labor share of GDP would have to fall exponentially towards zero.
https://www.bls.gov/opub/mlr/2017/article/estimating-the-us-...
Re:America's 1% Has Taken $50T From the Bottom 90%
by ajmadesc on Thursday February 11, 2021 @04:26PM
(#26107491)
Analyses like this show why we need to teach statistics in place of calculus in high school.
Re:America's 1% Has Taken $50T From the Bottom 90%
by leetcrew on Thursday February 11, 2021 @04:48PM
(#26107806)
not really. the key mistake here is treating gdp is a proxy for wages when there is no direct connection between the two. in a pathological case, you could have a $1T GDP and have zero wages paid. the question of whether mean or median figures are more appropriate when talking about wages (what I assume you are alluding to with your statistics quip) is a side issue. no amount of statistics knowledge will help someone who insists on comparing apples to oranges.
This isn't true at all.
https://ourworldindata.org/grapher/average-real-gdp-per-capi...