The United States GDP has been increasing over the decades but the share for workers of the GDP has decreased. Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?
The United States GDP has been increasing over the decades but the share for workers of the GDP has decreased. Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 11QFR
Related questions
Question
100%
The United States
Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?
Expert Solution
Step 1: introduction (Basic concept)
GDP represents the total value of all goods and services produced over a specific time period within a nation's borders.
Worker's share of GDP represents the portion of national income, or the income from GDP, that is paid out as wages, salaries, and benefits to workers.
It provides an indication of the distribution of national income between labor (workers) and capital (owners).
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax