For over half a century economists have assumed that the benefits of economic growth flowed equally between workers and the owners of capital. First proposed by Kaldor in 1957, the idea has underpinned most modern economic theory ever since. US textbooks may need to be revised. The free market fundamentalists unshakable confidence that a rising tide lifts all boats is seriously called into question by the reality of what has happened since the 1980s. Labors shrinking share of US GDP, which has more than tripled since then, has translated into stagnant wages and higher than normal unemployment. The main culprit is probably technology. Automation, computers and robotics have destroyed jobs faster than economies can replace than. This trend is only accelerating and is effecting people all over the world. economist/news/finance-and-economics/21588900-all-around-world-labour-losing-out-capital-labour-pains
Posted on: Wed, 06 Nov 2013 12:12:45 +0000
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