Are all 8 Billion people at their peak productivity? No.
There is slack in the economy.
If people don't want to work, it's a money printing problem. At constant $$ of say $1 Million annual salary, a lot more than 3% of the 38% slack will work.
The reason we don't pay $1 Million is because we don't think they will produce $1 Million worth of output. But, if we know that we are producing $100 T output, you'll pay them $1 M Dollars
Are all 8 Billion people at their peak productivity? No. There is slack in the economy.
If people don't want to work, it's a money printing problem. At constant $$ of say $1 Million annual salary, a lot more than 3% of the 38% slack will work.
The reason we don't pay $1 Million is because we don't think they will produce $1 Million worth of output. But, if we know that we are producing $100 T output, you'll pay them $1 M Dollars