Critiquing the Idea of Labor Exploitation Since 1971

Many Bitcoiners have seen or shared around the images that show Labour Compensation (wages and other benefits) diverging from Labour Productivity since 1971, particularly from sites such as wtfhappenedin1971.com. Rejoining me today is Gene Epstein to break down why this chart is flawed! We also talk about broader issues around CPI, whether inflation is over or undercounted, and cost of living pressures that so many people are facing today. The conclusions will surprise you!We talk:

• Labour Compensation and Productivity
• Nominal dollars and issues with price indexes
• Is CPI overstated? 
• Are we poorer than we used to be? 
• Cost of living crisis
• Can you make it on a single income these days? 
• The real problems

Links:

• X: @GeneSohoForum
• WTFhappenedin1971 site spoken about: https://wtfhappenedin1971.com/
• Gene’s Soho Forum Website: https://www.thesohoforum.org/ 
• Book: Econospinning: How to Read Between the Lines When the Media Manipulate the Numbers 
• Gene’s Mises Institute Lecture cited: https://youtu.be/h9BE1YIrqyE?si=J5ia_Q18OjGcdB6- 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X @stephanlivera
• Subscribe to the podcast