Tuesday, October 20, 2009

Why US GDP per capita is highest of the world(with more than 5 mil population)

"... an important portion of the apparently higher standard of living in the United States comes not from working more efficiently than other comparable economies, but simply from working longer"

- Mischel, Bernstein and Allegretto, The State of Working America 2004-2005: 428-429.

and about productivity and wages...

"The typical worker’s compensation (wages plus benefits), which has traditionally risen in sync with productivity gains, began falling behind in the 1970s. Since then the gap has widened dramatically as productivity kept climbing while compensation has remained essentially stagnant."
Figure - from State of Working America 2008/2009

5 comments:

Anonymous said...

"Anonymous Marcel" says...does this translate to: "If you work longer hours for less money, you end up having a higher standard of living?"...puzzled...

Miguel Carvalho said...

highest in the world?? "world" meaning American Continent?

insatiable hee said...

world being countries with population of at least 1/5 of the Seoul metropolitan area.

davemee said...

Has to be done, or all those health insurance execs would be sucking at the 6 month unemployment teat, and they couldn't have that.

Anonymous said...

Good dispatch and this enter helped me alot in my college assignement. Thanks you for your information.