tag:blogger.com,1999:blog-7439628176985419293.post2136447324234221006..comments2023-11-02T08:28:40.590-04:00Comments on Twenty-Cent Paradigms: The Trend of ThingsBill Chttp://www.blogger.com/profile/01081319025032071808noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7439628176985419293.post-19967353219838148832013-05-09T09:57:23.131-04:002013-05-09T09:57:23.131-04:00So, if wages stay the same while productivity goes...So, if wages stay the same while productivity goes up, then what the BLS calls "unit labor costs" go down.<br /><br />Standard economic theory says that, over time, wages should rise and fall with productivity. But as you know, standard economy theory isn't a perfect exact representation of the world. I think the real wage - labor productivity relationship a pretty good rough picture over the long run, though.Bill Chttps://www.blogger.com/profile/01081319025032071808noreply@blogger.comtag:blogger.com,1999:blog-7439628176985419293.post-62510702432864467972013-05-09T06:14:29.884-04:002013-05-09T06:14:29.884-04:00Hi, Bill. On productivity: Is there any clear rela...Hi, Bill. On productivity: Is there any clear relation between <i>cost</i> and productivity? For example, if costs go down then productivity goes up (and the reverse)?<br /><br />The arguments I make about the economy would be supported by such a relation.<br /><br />I realize that the "output per hour" calc is an attempt to remove costs from the relation by looking at time and product. Still...<br /><br />Specifically, I am thinking of the overall cost of finance in the economy, which is in tradeoff with the benefit we get from credit use.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com