End of the gold standard
Interesting: Basically flat from 1972-1996, but substantive upward movement since then. Was the flatness a temporary consequence of the mass migration of women into the workplace @coyne ?https://twitter.com/acoyne/status/969788572466257923 …
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re-tagging
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Increase the supply, and the price will reduce.
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The only thing that matters is purchasing power and the only assets that have changed there is housing because low interest rates and education because it’s a ponzi.
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Flatness was a consequence of stagflation, economies barely growing with rising inflation. Justin's dad implemented wage and price controls. Fed Chair Volker raised rates, loans/mortgages hit 17% in the early 80s. The 90s were prosperous due to massive investment to address Y2K.
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Stagflation due in large part to the sudden rise in oil/gas prices due to OPEC cutting off supply to increase prices, and unions demanding increases for their workers to offset rising inflation. Disastrous wage and price controls by PET in the 70s made a bad environment worse.
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Oh that poor man.
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This is also an outcome of GATT's Kennedy Round that liberalised developed economies opening them to more imports. For example, the US footwear industry collapsed in the '70s and '80s. Yes, cheaper imports, but also displaced workers. With the smooth comes the rough.
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Dunno. Interesting question. It’s true that men’s earnings have flatlined over the years while women’s have shot up — see
@kevinmilligan’s earlier tweets. Though I’m not sure Kevin’s conclusion — the problem requiring govt intervention is the latter — follows. -
No need for speculation and gender income hypothesis. The economy was crap in the 70s-80s, quite robust and expanding during most of the 90s. Due to massive investment to update computer systems worldwide for Y2K. (I lived this...see my previous couple tweets.)
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