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A comment on Percent Jobs. Parent comment

Re:Percent Jobs by yanis_t on Monday October 16, 2023 @05:00AM (#37897290)
I never deeply understood economics to be honest. But if we people wages start growing, won't it automatically mean that there are more money circling around which means inflation, which means we're back at square one?
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Re:Percent Jobs by DanielHB on Monday October 16, 2023 @05:07AM (#37897331)
Only if supply can't meet demand
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Re:Percent Jobs by kuchenbecker on Monday October 16, 2023 @10:56AM (#37900693)
Yes, but also consider that you are not paid for value created but rather your skills are a market. Business makes money arbitraging your time and skill for profit; basically buy your labor for less than your productivity.

So productivity gains will only be experienced by the workers where demand for their labor is high.

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Re:Percent Jobs by bwestergard on Monday October 16, 2023 @11:33AM (#37901274)
This is a complicated discussion, but for any given "technology" (i.e. set of available methods for producing every good/service in a society) and set of preferences among agents (e.g. households, firms) it is generally the case that there are many possible profit rates and wage schedules that allow for equilibrium.

For a very formal an influential discussion of this, see Sraffa's "Production of Commodities by Means of Commodities".

Historically, an idea closely related to the one you are articulating has been known as the "iron law of wages".

https://en.wikipedia.org/wiki/Iron_law_of_wages

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