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Consider just one piece of data: CEO pay. Do we really thing CEOs have gotten hugely better since the 1960s, while workers haven't? 2/pic.twitter.com/3oGkd0g9Bj
It's because CEOs now insist on being paid market price, whereas in the 1960s, as Galbraith observed, there were "few corporations in which it would be suggested that executive salaries are at a maximum." http://paulgraham.com/re.html
One of the best pieces of advice I ever received was, “You never get what you deserve. You get what you negotiate.”
“Market rate” has no useful meaning in this context - its just what the current norm or expectation is or was.
Do you also contend that worker wages have not increased in real terms since 1980 in real terms because..... they now demand the market wage?
They now get a market wage, but definitely not because they demand it. That's also explained here: http://paulgraham.com/re.html
You're funny!
In the 60's, Uncle Sam took 70% of any salary above ~$1.3M (today's dollars), so corporations found better ways to spend it.
He’s an economist, you can’t expect him to understand supply and demand and market pricing :)
If one could produce a chart showing the incomes of opinion writing academic economists he may better understand the dynamic at play
@paulkrugman - Twitter discussion should factor in the value growth in the market for any comparisons and be clear whether stats are mean or median.
Market prices have been skewed - by CEOs themselves. That’s the crucial point. In the 80s brash execs like Jack Welch started making themselves seem irreplaceable so they started getting showered with bonuses and perks. Shareholders can reject pay, of course - but they never do
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