Productivity growth and hourly compensation growth, 1948-2020 Cumulative change since 1948 (index 1979-100) 200% 1948-1979: 1979-2020: Productivity: +118.4% Productivity: +61.8% Compensation: +107.5% Compensation: +17.5% 161.8% 150 100 50 Chart Data 0 1960 1980 2000 117.5% 2020 Notes: Data are for compensation (wages and benefits) of production/nonsupervisory workers in the private sector and net productivity of the total economy. "Net productivity" is the growth of output of goods and services less de- preciation per hour worked. The figure above indicates that: O Increases in union membership increased income inequality during the 1950s and 1960s. O Capitalists broke the law during the 1980s by paying workers less than the value the workers produced. Income inequality increased significantly during the 1948-1979 period. The wage share of income has been decreasing significantly since about 1980.

Productivity growth and hourly compensation growth, 1948-2020 Cumulative change since 1948 (index 1979-100) 200% 1948-1979: 1979-2020: Productivity: +118.4% Productivity: +61.8% Compensation: +107.5% Compensation: +17.5% 161.8% 150 100 50 Chart Data 0 1960 1980 2000 117.5% 2020 Notes: Data are for compensation (wages and benefits) of production/nonsupervisory workers in the private sector and net productivity of the total economy. "Net productivity" is the growth of output of goods and services less de- preciation per hour worked. The figure above indicates that: O Increases in union membership increased income inequality during the 1950s and 1960s. O Capitalists broke the law during the 1980s by paying workers less than the value the workers produced. Income inequality increased significantly during the 1948-1979 period. The wage share of income has been decreasing significantly since about 1980.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST3: The Stock Market: Its Function, Performance, And Potential As An Investment Opportunity

Section: Chapter Questions

Problem 3CQ

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