Foundational essay

[I need to learn how to:
(1) Have link open in new tab.
(2) Embed an image.]

People know—most wouldn’t put it in these terms, but they know—that Keynes was right. Or at least, by now, Keynes should’ve been right. Things shouldn’t be getting worse. By all rights, things should be getting better. Here’s why:

That’s productivity—the ability of the average American worker (a reasonable proxy for average workers throughout the developed world) to generate goods and services. And goods and services—not money—are real wealth. Money is not goods or services; money is only what entitles you to get goods and services.  The average American worker generates twice as much real wealth per hour than in 1980; 50% more real wealth per hour than in the Bill Clinton boom years of the mid-1990s; 10% more real wealth per hour than in 2009.
There was a lot of fretting about flat or declining productivity a few years ago. That turned out to be a blip. Productivity starting climbing again in late 2015 and since then has continued on the upward course it’s maintained since the beginning of the Industrial Revolution.