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this post was submitted on 11 Apr 2024
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when efficiency/productivity increases
Over the last 40 years in the US productivity has increased steadily and so have prices. Real wages have stayed flat.
So with increased efficiency/productivity you might get a situation where worker salaries get higher but since products are made cheaper they might not raise prices on them? Makes sense. I wonder if in such situations either the resulting inflation or just greed ends up pushing the prices up anyway in real world scenarios.