Re:South Korea: The only middle power of its kind
by wizzwizz4 on Tuesday August 03, 2021 @02:01PM
(#28052146)
> Most labor simply isn't worth as much as it used to be. This is evident in stagnant wages
You're assuming an efficient market, which we've long known is a flawed assumption.
Re:South Korea: The only middle power of its kind
by jeffreyrogers on Tuesday August 03, 2021 @02:12PM
(#28052255)
Where is that assumption? I'm not seeing it in the claim.
Re:South Korea: The only middle power of its kind
by delecti on Tuesday August 03, 2021 @02:44PM
(#28052643)
Taking stagnant wages to imply that the labor is worth less is taking for granted that reduced prices means reduced value. It's probably more accurate (though still oversimplifying) to view it as a cartel suppressing wages.
You can try to spur local demand by expanding your population (via birth or immigration) but what we really care about is GDP per capita. Most very populous countries are not wealthy.