Piketty

Income Distribution in US – Estimates of the share of non-managerial workers in all industries since 1964 (Chart)

The statistical image that emerges from these numbers is neither Piketty’s vision of rising returns to “capital” as such, nor Krugman’s picture of an increase in returns to managerial “labor.” Rather, we see the burgeoning of a general surplus: an excess of national income over and above what’s needed to pay the nation’s non-managerial workers, … Continue reading →