Earlier quoted context omitted.
It's obvious that companies do this sort of thing. The main thing that prevented it in the past was that parts and labour were actually a significant cost, so things would be more expensive (in real terms) than today. When a TV or washing machine could be as much as 100% of a month's salary for a family, people couldn't afford a new one every 4 years. Companies realised this, so they made stuff that lasted longer. Bu…
I'm afraid your corollary won't apply; the lowest wages will just move elsewhere. There already was a company in China that moved production to the US because of wages there (plus transport costs, etc). I could see countries in Africa become the next manufacturing powerhouse(s), direct access to major seaways to both the US, Europe and Asia, etc. I don't know if they have the natural resources though, or the politica…
Remember - a bad job has low wages. I high wage job can also be bad - to the economy.