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kleinbl00 · 2312 days ago · link · · parent · post: "This is why they hate us" - The Other Tech Bubble
Ahh - but what's the link between productivity and wages? Everyone is currently hectoring the Fed about whether or not the Phillips Curve is still relevant, which links wage inflation and employment. Theoretically when employment drops below X, inflation will go Y so you need to raise interest rates. But I've never heard anyone claiming that productivity and wages were linked. Rather, the brief period they were is "the Golden Age of Capitalism." Piketty put a button on that - it was all about the spoils of the biggest war ever fought. No more war spoils, no more growth.