Labor’s declining share and future quality of life
There are many uncertainties about how the realities of resource constraints will play out in the lives of our children and grandchildren. In my earlier list of three options, there were two scenarios that could support well-being: one is to accept that lower labor productivity means lower hourly wages, recognizing the society-wide requirement to trim the size of the economy to fit within a finite ecosystem. The other is to find ways to produce the same (or greater) quality of the desired outputs, with less inputs of resources and less labor hours.


