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Old 11-25-2011, 11:21 AM
eeeeeeeli eeeeeeeli is offline
Join Date: Jun 2009
Location: Palm Desert, CA
Posts: 811
Default Re: Values Added: The Whirligig of Time (Glenn Loury & Walter Russell Mead)

Originally Posted by BornAgainDemocrat View Post
Or when he imagines that teaching skills to the unskilled is the key to solving the problem of automation. (Shorter work weeks are and always have been the only way to share the fruits of rising labor productivity. They don't call it labor saving technology for nothing.)
But how are shortened work weeks sharing the fruits? Certainly not with the employees - they would simply get less hours, likely disqualifying them from medical insurance.

Much of the savings has likely been passed on to the consumer. Yet has this savings made up for the lack of rising wages? I wonder to what extent rising inequality and profits at the top are a direct result of the fruits of increased productivity going into the pockets of the owners of capital, and not "trickling down".

As for policy that attempts to address this, high school graduates need to go into affordable college and training programs, right? The route from high school to the factory is largely gone. This is to say nothing of retraining older workers.
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