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Pastimes : Discussion Thread
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To: RMF who wrote (3643)3/14/2010 4:25:36 PM
From: Oeconomicus  Read Replies (2) of 3816
 
'My assumption is that "flat or falling wages" in combination with a "higher COST of living" equates to a "LOWER standard of living".'

Only temporarily and only if the cost of living actually is rising. Housing costs have fallen sharply and inflation has been minimal generally.

Besides, your original point was not that living standards were falling because of the current economic conditions, but rather that 'we are going to have to "downsize" to a lower standard of living' - that current conditions call for us to act to lower living standards deliberately.

'And I think you are just assuming that "higher productivity", right?'

Well, no. Output per hour worked, Q-to-Q % change (annualized):
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