>growing worker insecurity is a significant factor keeping

File: Us_savings_rate_history.jpg (38KB, 640x428px) Image search: [Google]

38KB, 640x428px

>>1108568
>Was he right /biz/?
Yes, at the time he said it (1997). After that ... not so much.

>>1108568
He's technically right if you think in terms of the Phillips curve.

But fucking over workers to manage inflation has never been good economics and never will be good economics.

>>1108575
Why not?

>>1108575
Is this why slavery existed for much of human civilization until "muh human rights"?

>>1108591
>>1108594
Because productivity reduces as consumers have less money to spend on goods and services. Consequently, producer revenues also drop and you have a reduction in investment. Total economic output falls.

Also, worker productivity has also been shown to be higher when worker compensation is higher. It's one of the reasons why humans produce more now than they did under slavery >>1108594

Nothing to do with human rights but that's a nice thing to have anyway since it contributes to human happiness.

>>1108575
>using the Phillips curve as a menu

Damn son Lucas called and he said go back to the 1960s