@ModeledBehavior @Noahpinion "wages are largely determined by how powerful workers are"? This is an argument we should take seriously?

@adamgurri @ModeledBehavior That's a core element of a lot of search models of the labor market.

@Noahpinion @adamgurri power matters, but diff btwn wages in 1900 and today is mostly more power or higher productivity?

@ModeledBehavior @adamgurri Up until 1980 it was productivity. Since then, productivity and wages have diverged utterly. Weird.

@Noahpinion @adamgurri if we raised min wage to be equal to prod gains it'd be $20. What would jobs impact be? And what does that tell u?

@ModeledBehavior @adamgurri It would probably be about half of what you'd predict from a model where W=MP...

@Noahpinion @adamgurri even if u think that, still recognizes part of divergence in prod & wage is distribution of prod changes.

@ModeledBehavior I don't know, I didn't read the Jacobin piece. Did it have any good points?

@Noahpinion look we can't both not read it and hope the other will. I call *not it*