6min chapter

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EP 190 Peter Turchin on Cliodynamics and End Times

The Jim Rutt Show

CHAPTER

The Importance of the Relative Wage

Since 1950, it's clearly gone up in an absolute sense, even though it's gone down significantly in a relative sense. Relative wage declining means that workers stopped sharing in the general prosperity and that prosperity went where it went to the economic elites. The wealth pump is a perverse wealth pump that takes from the poor and gives it to the rich. And that leads to popular immiseration. Most people are discontented by political entrepreneurs for all kinds of things like rebellions and action against ruling regime.

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