It all depends on the cost of living relative to the wages accrued. Often wages haven’t kept up with the cost of living, so people feel more and more that the deal with their employers gets worse and worse. Someone earning 200k/year might be living the same as someone working 60k/year depending on where those people live
Now, there is something to be said about why cost of living should vary from place to place. Part of it is scarcity of habitation: if there aren’t very many available flats or lots, there might be fierce competition for people to fill what flats or lots do become available. Supply and demand.
Other aspects might be debt accrued by businesses that they pass on to their customers, externalities like wars or laws, etc.
I also want to point out that a lot of people associate more wealth with more consumption, so you might see people rise to spend all of the new resources they accumulate rather than securitizing and saving that wealth for unforeseen events. Lots of people consume at terribly non-sustainable rates, and there should be conversations about what effects behaviors can have on the world, outside of the economy.
It all depends on the cost of living relative to the wages accrued. Often wages haven’t kept up with the cost of living, so people feel more and more that the deal with their employers gets worse and worse. Someone earning 200k/year might be living the same as someone working 60k/year depending on where those people live
Now, there is something to be said about why cost of living should vary from place to place. Part of it is scarcity of habitation: if there aren’t very many available flats or lots, there might be fierce competition for people to fill what flats or lots do become available. Supply and demand.
Other aspects might be debt accrued by businesses that they pass on to their customers, externalities like wars or laws, etc.
I also want to point out that a lot of people associate more wealth with more consumption, so you might see people rise to spend all of the new resources they accumulate rather than securitizing and saving that wealth for unforeseen events. Lots of people consume at terribly non-sustainable rates, and there should be conversations about what effects behaviors can have on the world, outside of the economy.
Thanks!