For everyone in the back who still somehow thinks that economics is simple:pic.twitter.com/n9KcmvQxcB
Epidemiologist. Writer (Guardian, Observer etc). "Well known research trouble-maker". PhDing at @UoW Host of @senscipod Email gidmk.healthnerd@gmail.com he/him
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For everyone in the back who still somehow thinks that economics is simple:pic.twitter.com/n9KcmvQxcB
The point here? THIS IS NOT AT ALL SURPRISING Seriously people, you can't boil down a complex thing like "wage growth" into "give companies more money" it's more complex than that
The basic idea that is promoted by economic liberals is that giving a company more money to play with (via tax concessions) will give them more money to pay their workers
If you think of it like a pie chart, with the company, shareholders, the government, and workers as the beneficiaries of profits, it kinda makes sensepic.twitter.com/pLqqbaC3Av
Decrease the government share, and suddenly everyone has more money!pic.twitter.com/gJFsIuIXOw
But that's almost never what actually happens. There are thousands of tiny impacts that this model doesn't take into account
Regulation, market forces, the CEO's new Maserati (this is a real example from a company I worked at) - they all impact whether workers get paid more
The assumption that increasing profits = higher wages is simply wrong It's more complicated than that, stop saying it
And we've seen the opposite unfolding in many countries - USA, UK, Canada - record levels of economic productivity but also progressively growing income inequality (and in Canada, child poverty!)
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