Economics in crisis

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fredgraph

Cornelia Strawser, in response to Brad DeLong, notes the importance of the declining labor share in U.S. national income.* She then poses a series of questions that, in her view, should be “raised in the academy and in public discourse”:

– Does the falling labor share arise from rapid technological change?

– Or does it reflect changing power relationships?

– Is it a result of globalization, hence inevitable and irreversible?

– Or is it an anomalous business cycle development that we can expect to fade away?

– What does increasing financialization contribute to the falling labor share?

– Is the labor share made worse by our reliance on monetary stimulus – which encourages more financialization – having failed to deploy a more stimulative fiscal policy?

– If private-sector productivity growth is not raising worker wages, why should workers support it, and should it be a national priority?

– Does the rising capital…

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