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Re:Crises of Elite Competition in the East and West by wahern on Tuesday November 30, 2021 @01:33AM (#29389555)
Housing price inflation is definitely a trend across many developed countries. But it's not universal, or at least uneven. I haven't researched data for this specifically, but a broader trend might be the bifurcation of labor into creatives and non-creatives (or some similar rough dichotomy), with the former seeing faster income growth than the latter. Such a phenomenon would readily explain housing price inflation while also being an obvious consequence of globalized labor markets depressing most strongly income growth for non-creatives.
Re:Crises of Elite Competition in the East and West by eru on Tuesday November 30, 2021 @09:50AM (#29392699)
But labour markets aren't globalised. We have strong restrictions on migration all around the globe. Some goods and services are tradeable, but also with some legal restrictions.
Re:Crises of Elite Competition in the East and West by wahern on Tuesday November 30, 2021 @03:38PM (#29397162)
> Some goods and services are tradeable

Most goods are tradable, and for decades now manufacture of consumer goods relocates relatively quickly in search of low cost labor. This leaves a surplus of workers behind, suppressing wages in industries with low costs of entry--remaining manufacturing but especially non-professional services.

IOW, labor markets are strongly globalized from the perspective of capital. A little less so from the perspective of laborers, though their wages remain stagnant all the same, so in many ways it's a distinction without a difference.

Re:Crises of Elite Competition in the East and West by eru on Wednesday December 01, 2021 @06:55AM (#29402883)
Your logic would suggest that workers in tradable industries get paid less than those in non-tradeable goods and services, wouldn't it?

That's something we can look into.

Re:Crises of Elite Competition in the East and West by wahern on Wednesday December 01, 2021 @03:39PM (#29408858)
> Your logic would suggest that workers in tradable industries get paid less than those in non-tradeable goods and services, wouldn't it?

Not necessarily, as the laborers displaced by off-shoring are now competing in the labor pool for many other non-tradeable industries. That's what I meant when I said, "suppressing wages in industries with low costs of entry--remaining manufacturing but especially non-professional services." An increase in supply relative to demand usually will mean a lower clearing price (i.e. more people for fewer jobs usually means lower accepted wages).