Firms pay based on average product, not marginal product, due to a lack of measurement ability. New tech + IT enables worker tracking 2/3
@hamandcheese That's a good example. But I think this isn't so easily generalized across the economy.
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@paulbaumgart Businesses invested in a ton of IT in late '90s and early '00s and we got slow productivity growth and stagnanting wages -
@hamandcheese China and India also liberalized their markets during that time. I suspect that had the bigger impact on labor markets. - 2 more replies
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