It isn’t. Prices are just inflated creating false growth. Real gdp, adjusted for variable inflation, shows dead even growth.
Inequality. There are more billionaires in the US siphoning money from across the globe due to the lack of effective capital regulation. Hence what effects do persist are partially explained as capital flight to the USA inflating the top of the per capital pyramid without in any way increasing actual worker productivity.
“Real gdp, adjusted for variable inflation, shows dead even growth. ” I asked about gdp per capita right now, not growth rates over time. Do you have a source showing that the US doesn’t actually have higher gdp per capita?
Inequality is probably part of the story, but I had a vague sense median real wages are higher in the US. Do you have a source saying that’s wrong? Or that it goes away when you adjust for purchasing power?
If productivity is so similar, how come the US is quite a bit richer per capita? Is that solely accounted for by workers working longer hours?
Two factors come to mind.
It isn’t. Prices are just inflated creating false growth. Real gdp, adjusted for variable inflation, shows dead even growth.
Inequality. There are more billionaires in the US siphoning money from across the globe due to the lack of effective capital regulation. Hence what effects do persist are partially explained as capital flight to the USA inflating the top of the per capital pyramid without in any way increasing actual worker productivity.
“Real gdp, adjusted for variable inflation, shows dead even growth. ” I asked about gdp per capita right now, not growth rates over time. Do you have a source showing that the US doesn’t actually have higher gdp per capita?
Inequality is probably part of the story, but I had a vague sense median real wages are higher in the US. Do you have a source saying that’s wrong? Or that it goes away when you adjust for purchasing power?