Boosted pay can quickly benefit the entire economy, particularly when wages climb among low-income Americans, who are the most likely to spend new cash instead of parking it in a bank.The wave of quits has also opened the door to stronger productivity growth. Many businesses that lasted throughout the pandemic were forced to strip their operations to the bare essentials. Waiters were replaced with QR codes, hotel check-ins were completed through online apps, and real-estate tours turned virtual.
The country has since retracted many of its COVID-19 restrictions. Yet a sharp pick-up in worker productivity suggests some of the pandemic-era changes remain. Businesses are paying their employees more, and workers are leveraging new technologies to get more done. ProductivityBusinesses doing more with fewer workers and increased productivity can spark what economics writer Noah Smith deems a"virtuous cycle" for the broader economy.
The nationwide push for higher wages and stronger productivity should be viewed as an encouraging development, not one of doom and gloom, Smith wrote. "Believing in technological progress is about believing in the potential of humankind," he said."Do we really think that QR code ordering in restaurants will be the innovation that finally renders humans obsolete?"Subscribe to push notificationsSign up for 10 Things in Politics newsletter for the biggest stories in politics & the economy.
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