Oddbean new post about login | logout @210de87f @43d7c4ea if they are not how are they not going bankrupt or end up with terrible profit rates. You can only lower wages so far to compete. At some point you need to be more productive or create something special. Ask the Germans, they made that mistake and now nothing works.
@595771c6 @43d7c4ea You would be surprised how far you can screw workers. Wages in real terms are declining. And as someone else pointed out, UK businesses are *really* poor at horizon planning – it’s quarter by quarter stuff and sod what happens next year, let alone in five years time. https://www.theguardian.com/business/2023/jan/17/real-terms-uk-pay-fell-fastest-20-years