2017/04/24: Economists are very worried about the decline in labor’s share of U.S. national income. One reason they’re concerned is because when less of an economy’s wealth flows to workers, it exacerbates inequality and increases the risk of social instability. But another reason is that this trend throws a wrench in economists’ models. For decades, macroeconomic models assumed that labor and capital took home roughly constant portions of output -- labor got just a bit less than two-thirds of the pie, capital slightly more than one-third. Nowadays it’s more like 60-40.
There are four main theories, each of which falls apart under scrutiny.
A new paper by Thomas Piketty finds that major parties on both sides of the political spectrum have been captured by elites and warns of a future political system that pits "globalists" against "nativists." Economists and political scientists often point to rising inequality as one of the main drivers of the current wave of populist politics engulfing Europe and the US. Income and wealth inequality have been at the forefront of the political debate across Western democracies for a long time, fueling voter dissatisfaction and leading to the widespread perception that the system is "rigged." And yet Western
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Thank you for meeting with us, Professor Piketty. To begin with, a number of critics, for example, Branko Milanovic and Anwar Shaikh, have suggested placing your work in the classical tradition of economics, resuscitating issues of class, capital and labor in dealing with macroeconomic questions, considering you part of a tradition that stretches from Smith to Keynes through Marx and others. Where do you see yourself in terms of economic tradition? Do you see yourself as part of this classical tradition?
The famed economist reveals the real reason the rich are getting richer - and what it means for the rest of us
CAPITAL IN THE TWENTY-FIRST CENTURY by Thomas Piketty (2013) translated by Arthur Goldhammer (2014) Thomas Piketty of the University of Paris is the world's foremost authority on income distribution and the super-rich. All the charts you see how income is being redistributed upward to the top 1 percent of income owners are based on work
Thomas Piketty's Capital in the 21st Century is a bestselling economics tome whose combination of deep, careful presentation of centuries' worth of data, along with an equally careful analysis of where capitalism is headed has ignited a global conversation about inequality, tax, and policy. Cory Doctorow summarizes the conversation without making you read 696 pages
Zeynep Tufekci's scathing response to the establishment consensus that tech will create new jobs to replace the ones we've automated away makes a lot of good points. It's especially good on the subject of whether we have a "shortage" of humans to care for other humans, pointing out that what people really mean when they
Monopoly is back: Barry Lynn on the concentration of American economic power - and how we can restore fairness
Professor David Harvey reviews Thomas Piketty's Capital in the Twenty-First Century.
The crisis of capitalism isn't just about the gap between rich and poor. It's about the gap between what's demanded by our planet and what's demanded by our economy.
Il libro best seller dell'economista francese Piketty spiega come mai la disuguaglianza tra classi è destinata a crescere. Ed è difficile dargli torto )
The economic and political focus is increasingly on the inequality of income and wealth as they both rise in Europe and the US. At a conference on Inclusive Capitalism held near the end of May at London's
Five years post-collapse, Piketty and Elizabeth Warren offer a way ahead. That's why the right must destroy them
David Graeber: Capitalists spread prosperity only when threatened by global rivalry, radical movements and the risk of uprisings at home
Piketty's <cite>Capital in the Twenty-First Century</cite> shows that not everything in mainstream economics is worthless.
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Per Krusell and Tony Smith have a new paper on Piketty (pdf), which I take to be reflecting a crystallization of opinion on the theory side. Here is one excerpt: There are no errors in the formula Piketty uses, and it is actually consistent with the very earliest formulations of the neoclassical growth model, but