It doesn't work that way. Nominal pay increases now will be inflationary from current level of prices.
History of wage/productivity isn't relevant to current price/wage dynamics. Just forward rates.
Those past productivity gains were likely captured in lower cost of goods (in real terms), rather than wages. If margins are constant, and wages don't rise, and productivity gains, then cost of goods are lower, which also benefits society.
History of wage/productivity isn't relevant to current price/wage dynamics. Just forward rates.
Those past productivity gains were likely captured in lower cost of goods (in real terms), rather than wages. If margins are constant, and wages don't rise, and productivity gains, then cost of goods are lower, which also benefits society.