Doubling the work force should not lead to halving wages. It should lead to doubling productivity, or halving the time spent working. The problem is that the extra gains from increased productivity aren't going to the workers, but to the bosses.
Until about the 70s or 80s, salaries of CEOs and workers grew at a similar pace. After that, the salaries of workers stagnated, while that of CEOs rose dramatically. Looks like that's where the profit of the increased labor force went.
Until about the 70s or 80s, salaries of CEOs and workers grew at a similar pace. After that, the salaries of workers stagnated, while that of CEOs rose dramatically. Looks like that's where the profit of the increased labor force went.