US – Productivity increases, income not keeping up!

us-productivity-income-gdpUS Productivity, GDP, Employment and Income : 1953 to 2011 (source)

Labour Productivity increased by 600% (from 100 to 600). That is the phenomenal growth of technology has increased output per person employed.

But employment grew by only 400% (from 100 to about 400+). That is relatively less people are employed, which may be due to slowing population growth or increasing unemployment.

Household income went up only by 300% (from 100 to 300). That means, an average person get only half as much share of domestic product in 2011 compared to 1953. The benefits of improvement are not going to those (workers, technicians, engineers, scientists) who create it.

Where does the rest go? goes to war, luxury of rich and speculative waste.

Don’t we need a drastic re-engineering of the whole economic system?

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