Question 1 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 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: ○ The wage share of income has been decreasing significantly since about 1980. 00 Increases in union membership increased income inequality during the 1950s and 1960s. 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.
Question 1 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 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: ○ The wage share of income has been decreasing significantly since about 1980. 00 Increases in union membership increased income inequality during the 1950s and 1960s. 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.
Chapter11: Resource Market
Section: Chapter Questions
Problem 1.2P
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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
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:
○ The wage share of income has been decreasing significantly since about 1980.
00
Increases in union membership increased income inequality during the 1950s and 1960s.
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.
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