1) Nothing mysterious, the post-war middle class boom is an anomaly in the capitalist system (Marx, Piketty et al)
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2) Capital tends towards greater share of productivity surplus over time - surprisingly technology isn't as big a factor as one would think
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3. Globalization helps to speed it up, but the trends are clear since 1800s till now
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It is very silly to call this mysterious. There's a whole series of very obvious policy choices. I.e. Deunionization.
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#5: bureaucratic regulations that delay building permits which slow new construction, enriching existing landlords via supply constriction.
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Landlords/monopolists are the only valid answer, assuming bad data isn't the problem.
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5. deflation. Income gets a (miss-allocated) kicker via capital gains from declining interest rates and this doesn't flow through to wages.
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Given a boost by slowed demographics
End of conversation
New conversation -
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@delong thinks it's slack macro conditions, too.Thanks. Twitter will use this to make your timeline better. UndoUndo
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