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/liberty/ - Liberty

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Ya'll need Mises.

File: 4887e846fe8f7e9⋯.png (108.3 KB, 570x389, 570:389, nixonGoldShock.png)


It surprises me that socialists don't understand how they're responsible for how wages have stagnated for the past 50 years.


That chart proves that profit is theft. Workers aren't getting paid for what they're creating.



Like I said in the OP, your cognitive dissonance surprises me.


File: eb33abe84c81402⋯.png (359.55 KB, 399x461, 399:461, Arthur_morgan.png)


how are socialists responsible?


File: 558a1a117e48d21⋯.jpg (33.89 KB, 600x477, 200:159, krebspost.jpg)

Total compensation (wages + benefits) has been in line with productivity.



1971 was the point at which the USD became fully fiat.

At that point (1971) you can not only see this graph, but inflection points in poverty, crime, economic growth, debt, etc., etc..


How did they get compensation data?



You ask the insurance companies. Admittedly, there are probably some uncounted benefits that aren't included in insurance, e.g. quality of workplace.





This claim, on the other hand, is mildly interesting.


File: c865e57df24ecc2⋯.jpg (42.01 KB, 672x453, 224:151, somethingHappened1971.jpg)

File: cf279d7588c9e41⋯.png (110.65 KB, 780x439, 780:439, somethingHappened1971-2.png)

File: 00f0be50765917a⋯.jpg (372.26 KB, 2067x1562, 2067:1562, somethingHappened1971-3.jpg)



I can find more graphs to support this thesis. Something happened in 1971.




pic 1. Johnson's Great Socoiety beginning in 1964

pic 2. Termination of the Bretton Woods system in 1971, which leads to…

pic 3. Debt Bubble buoyed by the petrodollar

This is just a simplified model of events and there are many more causes and factors in play.



>The gap between productivity and compensation is the largest it's been in 40 years

>This proves that compensation tracks productivity perfectly, and people are just getting paid in benefits instead of cash



The graph is closer than the one in OP, suggesting that compensation has been much closer to productivity than is otherwise implied. The reason for the gap may be found in the fact that a large portion of nonwage compensation is state mandated–workers don't have the option to select a job which pays entirely in cash rather than benefits because such jobs have been legislated out of existence. Since every worker must receive part of his compensation as benefits that aren't perfectly substitutable with one another, every potential worker who wishes to quit one job in order to seek another, better-paying one faces switching costs–there's some uncertainty as to whether or not the benefits received at the new job will be better or worse than the ones in the current job, as one cannot wholly discern the quality of benefits before experiencing them. Further, one cannot accumulate benefits in savings the way cash can be, which means that there is no stockpile of benefits on which one can draw during periods of frictional unemployment the way you can with cash. All of these factors mean that being compensated with benefits rather than cash makes workers less flexible with their employment decisions, and thus much more wage-inelastic. This results in them being willing to accept a lower wage when the government mandates them to take a portion of payment in benefits rather than wages. And this increased inelasticity is the reason for the increasing gap between productivity and compensation.

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