As goes productivity, so goes wages. Right?

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 27 December 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

When workers get more productive, higher wages might follow. So what about jobs that just can’t get more productive? In this episode, we explain why those workers’ wages may rise anyway — a concept called the Baumol effect — with help from an economist who’s also an amateur bassoonist. Plus, the trade deficit is no sweat, a Georgia program trains refugees for tech jobs and we check in with an urban tour guide in Kansas City.

Transcript

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1:10.6	The economy didn't take the week off for the holiday, so we've got some news on retail, trade,
1:16.2	and technology, plus the weekly wrap. From American public media, this is Marketplace.
1:34.3	In Washington, D.C., I'm Kimberly Adams in for Kai Rizdahl. It's Friday, December 27th. Good to have you along.
1:38.3	The bulk of one of the busiest shopping periods of the year is pretty much over, and we are ready to dive into the details of what
1:45.7	we learned about the American consumer, plus the other economic news of the week. And
1:51.4	you know what? Why not the year? For that, I'm joined now by Jordan Holman, a business reporter
1:56.4	at the New York Times, and Catherine Rampel, an opinion columnist at The Washington Post. Welcome you to.
2:02.9	Hi, Kimberly. Hi, Kimberly. Hey there. So, Jordan, you're the retail reporter. Let's start with you.
2:09.2	How did the almighty American consumer do this holiday season? We held up. So the numbers are in when it
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