Ask Lemmy

The world was experiencing unprecedented economic growth for decades in the run up to the 2008 crash. Sure there were some rocky periods but the general trend was upwards and even in the 70s where there were problems with inflation new technologies were improving people's living standards all the time.

Now we have growth stagnating; raw materials and international trade becoming more expensive (existing sources becoming depleted, tarrifs); then finally technological gains are happening but for consumers. I'm not sure I've seen a big improvement since the original iPhone.

The killer thing I haven't mentioned yet is overcentralisation of economies in major cities/hubs. If you want the best possible job then you probably need to move to a megacity like London, Paris, New York, Sydney... but then a shortage of new housing in these places has pushed prices into the stratosphere. You better hope you have an economically active partner who has also landed their dream job in megacity! Oh and the inheritance required for a deposit on a flat.

Within countries that last problem can be tackled with better industrial strategies to some extent. Maybe grants and subsidies to open say biotech labs in more affordable parts of the country. In theory since we have increasingly become service based economies, or producers of e-goods like digital copies of videogames, this should also be possible by doubling down on remote jobs as a viable mode of working and possibly offering tax breaks/financial incentives to move to less populated areas. Here in Scotland if you want to be a primary/elementary school teacher on a remote island you can command a salary of ~2x what you would get on the mainland as part of a scheme to entice teachers to live in remote communities.