My response Essay Example | Topics and Well Written Essays - 1000 words

My response - Essay ExampleIt is a reflection of numerous economic indicators, crack an overall measure of the economic product, competitiveness, and the living standards that are dominant in an economy. It is labor productivity which explains the basic principle needed to understand econmic increase and social development (Freeman). Increase in labor productivity is tell to increase the standard of living in an economy. When productivity increases, the price of products and services decreases which in turns increases domestic as well as foreign consumption for those particular products and services. To meet this increase in demand, overall labor increases which utilizes more use of equipment and a greater demand for workforce. Hence, employment increases, real wages of the working figure grow and the overall economy flourishes (Galarneau and Dumas).The first 3 paragraphs of the article One Pay Gap Shrinks, other Grows basically tells about how income distri simplyion has not been equal. It is said that the major argument is not whether men sire done better than women or vice versa. It is true that women are winning the race of obtaining college diplomas and male utmost school dropouts are at the top of those suffering the repercussions of the poor job situation. However, it is not only the knowledge system that needs to be revised for better income distribution. The question that matters and need to be answered is why the average worker hasnt earned more. There certainly has been an increase in overall wages, but this increase is very moderate. It is also believed that productivity is good but not at par with growth 1947-1963.According to the sources, the bottom 80% of the people would have had $670 billion more of what they have now if the growth rate would had been constant from 60s. This means that the growth rate is perfectly fine but the income has not been distributed equally.