Productivity growth and hourly compensation growth, 1948-2020Cumulative change since 1948 (index 1979-100)200%1948-1979:1979-2020:Productivity: +118.4%Productivity: +61.8%Compensation: +107.5%Compensation: +17.5%161.8%15010050Chart Data0196019802000117.5%2020Notes: Data are for compensation (wages and benefits) of production/nonsupervisory workers in the private sectorand net productivity of the total economy. "Net productivity" is the growth of output of goods and services less de-preciation per hour worked.The figure above indicates that:O Increases in union membership increased income inequality during the 1950s and 1960s.O Capitalists broke the law during the 1980s by paying workers less than the value the workersproduced.Income inequality increased significantly during the 1948-1979 period.The wage share of income has been decreasing significantly since about 1980.

Starting in the late 1970s policymakers began dismantling all the policy bulwarks helping to ensure…

Answered: Productivity growth and hourly…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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