The union thesis seems most plausible, given that productive growth has remained strong. Not clear why the end of the "primary factory" era or "easy suburbanization" era would decouple productivity from compensation
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people can't move to where they'd be most productive or have higher incomes.
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The interesting thing is, he has a weird cultural consumption theory, which one expects of Tim Redmond, not an Uber-but-for-your-mom type.
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Yes. As usual your analysis sums this up beautifully, cutting through a lot of BS that rationalizes the unacceptable long-running state of things. I suspect the pendulum is set to swing again however
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Exactly.
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The widespread shift toward Chicago school / Friedman economic theories in corporate governance and public policy?
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automation and robotics becoming more common.
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This is the half of the analysis that is usually left out. However, there were certainly policy responses available to global competition and the decline of unions that were different than the deregulatory/redistributive responses chosen in the 1970s (then accelerated after 1980)
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And looking at this chart it looks a lot like the real dividing line should be much earlier in 1970s not 1979/80. But that truth wouldn’t match up with blaming all this on Reagan and Republicans
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