Part 7/9:
The term “productivity” tends to carry a moralistic undertone, often equating economic success with personal responsibility. Yet, Gary argues that this perspective is fundamentally flawed. GDP growth may be on the rise, but the distribution of that wealth has diverged dramatically. While certain groups see their living standards rise, those at the bottom continue to struggle.
Additionally, Gary references current Bank of England Governor Andrew Bailey, who attributed rising inflation to workers demanding higher wages. Such statements illustrate a broader trend in economic discourse: the tendency to shift blame onto labor while neglecting to address the systemic issues of inequality and wealth distribution that affect living standards.