Ghastly bollocks

This most recent period follows a much longer one in which the share of national
income going to labour (that is, to wages and salaries rather than as returns to
capital) has been in decline. Figure 2.6 shows a very striking pattern: a rising share
of national income going to labour from the second world war to the mid-1970s,
and then a falling one until the financial crisis.28 This is a trend observed in most
developed countries: it suggests a major shift in how modern economies both
generate growth and distribute its rewards

There aren’t two shares to the economy, there are four. And it ain’t the capital share that has been rising, it’s the other two, not labour.

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