Noah Smith — Why Workers Are Losing to Capitalists

Summary:
Back in April, I wrote about one of the most troubling mysteries in economics, the falling labor share. Less of the income the economy produces is going to people who work, and more is going to people who own things.... Mystery to morons conventional economists maybe.Here, Noah, read this: Michal Kalecki, "Political Aspects of Full Employment" (Political Quarterly, 1943). It's even posted at Brad DeLong's site.It's a feature of capitalism, or a bug, depending on which side one is on. The so-called labor market is rigged in favor of ownership (capital) under capitalism. Capitalism is the economic system that favors capital (ownership) and is naturally suited for oligarchy of the plutocratic sort.No mystery at all for those not living in ivory towers.Bloomberg ViewWhy Workers Are Losing to

Topics:
Mike Norman considers the following as important: capital share, capital/labor ratio, economic rent, Labor Market, labor share, market power, rigged markets

This could be interesting, too:

Angry Bear writes The “Paid What You are Worth” Fairy Tale

NewDealdemocrat writes January JOLTS report consistent with a softening, but still very strong, labor market

Mike Norman writes Radical imagination and the intellectual edifice — Jim Vrettos interviews Michael Hudson

James Kwak writes COVID-19: Inequality