Technology and automation has led to much greater efficiencies and output for every human in the workforce over the last 50 years. How come this hasn’t led globally to less working hours or a shorter work week for the average worker?

Question

EDIT: Replace ‘every human in the workforce’ with ‘most people’. I agree efficiency has not been gained equally across all professions.

In: Economics

Answer 1

The endless money printing from the federal reserve has been winning the war on technological deflation. The wage gap is wider and the average worker can afford less than they used to. Basically you’re poor as shit and stuff is dirt cheep. Just look at the price of assets that are less affected by technological deflation like real estate and precious metals.