And how can productivity go up if we don’t leave it to the private sector?
Cannot happen. And as long as “growth” is based on the public sector neither value added per employee (ie productivity) or real wages can go up – on average that is – then earnings will collapse although those who get paid by governments will do all right relatively.
It’s going to be bad for a long long time, longer than you can imagine. Average earnings will simply have to stagnate.
Reblogged this on Calculus of Decay and commented: