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- The 2% per year income and productivity growth since the second Industrial Revolution is unprecedented, contributing to the increase in working-class real wages.
- From 1870 to 1913, there was a 1.3% per year average world real income growth, along with significant population growth, indicating the substantial progress made in the late 19th century.
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The Expansion of Working-Class Real Wages
The 2% per year income and productivity growth since the second Industrial Revolution is unprecedented. This growth is what has led to the increase in working-class real wages that we have come to expect.
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