{"id":12740,"date":"2015-12-16T06:17:59","date_gmt":"2015-12-16T11:17:59","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=12740"},"modified":"2015-12-16T06:17:59","modified_gmt":"2015-12-16T11:17:59","slug":"nobel-gurus-fear-globalisation-is-going-horribly-wrong-technical-telegraph-blogs","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/12\/16\/nobel-gurus-fear-globalisation-is-going-horribly-wrong-technical-telegraph-blogs\/","title":{"rendered":"Productivity increases: Due to hard work or better tools?"},"content":{"rendered":"

From Ambrose Evans-Pritchard:<\/p>\n

Prof Stiglitz, a former chief economist for the World Bank and winner of the [Nobel] Prize in 2001, said real median pay for full-time male workers has fallen back to levels last seen 40 years ago, yet productivity has risen 100pc over the same period.<\/p>\n

<\/a><\/p>\n

The workers have been excluded from all the gains, or as he puts it, we now live in an “inherited plutocracy” where the rich accumulate ever more in a perverse dynamic that will not necessarily self-correct.<\/p><\/blockquote>\n

This argument by Prof Stiglitz is simplistic. Productivity may have doubled over the last 4 decades, but this is primarily due to tools at the disposal of the worker today and not because people are working harder. Real annual investment per employee has also doubled over the last 40 years. <\/p>\n

\"Gross<\/p>\n

A counter argument would be that workers today may be better trained\/educated in order to operate all that expensive equipment. The truth probably lies somewhere in between.<\/p>\n

Source: Nobel gurus fear globalisation is going horribly wrong (technical) \u2013 Telegraph Blogs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From Ambrose Evans-Pritchard: Prof Stiglitz, a former chief economist for the World Bank and winner of the [Nobel] Prize in 2001, said real median pay for full-time male workers has fallen back to levels last seen 40 years ago, yet productivity has risen 100pc over the same period. The workers have been excluded from all … <\/p>\n

Continue reading “Productivity increases: Due to hard work or better tools?”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-12740","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"\nProductivity increases: Due to hard work or better tools? - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Productivity increases: Due to hard work or better tools? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Ambrose Evans-Pritchard: Prof Stiglitz, a former chief economist for the World Bank and winner of the [Nobel] Prize in 2001, said real median pay for full-time male workers has fallen back to levels last seen 40 years ago, yet productivity has risen 100pc over the same period. 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While some of the productivity increase reflects the impact of dramatic discoveries, much\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47634,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/24\/the-shell-game\/","url_meta":{"origin":12740,"position":1},"title":"The shell game","author":"Colin Twiggs","date":"January 24, 2024","format":false,"excerpt":"An interesting discussion with Prof. Percy Allan from University of Technology, Sydney regarding what caused declining economic growth in recent decades. 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Stiglitz – Project Syndicate","author":"ColinTwiggs","date":"September 7, 2014","format":false,"excerpt":"From Joseph Stiglitz: What we have been observing \u2013 wage stagnation and rising inequality, even as wealth increases \u2013 does not reflect the workings of a normal market economy, but of what I call \u201cersatz capitalism.\u201d The problem may not be with how markets should or do work, but with\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5858,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/28\/joseph-stiglitz-government-could-have-prevented-much-of-what-happened\/","url_meta":{"origin":12740,"position":3},"title":"Joseph Stiglitz: "Government could have prevented much of what happened"","author":"Colin Twiggs","date":"October 28, 2012","format":false,"excerpt":"Nobel Prize-winning economist, Joseph Stiglitz criticizes presidential policies on both sides. 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