Pay and Production are no longer related for most workers - So Production can be cut, without lowering pay for most workers.
Pay and Production are no longer related for most workers - So Production can be cut, without lowering pay for most workers.
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Does anyone know what happened in the early 1960's that led to that smaller, but still noticeable diversion?
Unfortunately I don't know.
To correlate the effect with social processes, one would have to plot the same graph for multiple countries and see what processes occur in each history at the time of the lines forking apart (assuming they do so).
Some guesses: automation, perhaps globalization of supply chains, something related to the effectiveness of employees at bargaining with employers?
MBAs took over businesses from internal promotions.