Labour’s share in national income is both over- and under-explained
THE IDEA that the spoils of the modern economy are unfairly distributed has become part of public discourse in the rich world. One common villain is the growing class of wealth-owners living off the returns from capital rather than hard-earned wages, an explanation popularised by Thomas Piketty in his book, “Capital in the Twenty-First Century”, published in 2013. The idea has gained currency with politicians. And studying the “labour share”, the slice of national income earned by workers through wages... Читать дальше...