--- Doug Henwood <dhenwood at panix.com> wrote:
> Jeffrey Fisher wrote:
>
> >so, the common sense conclusion here is that there
> is a causal
> >relationship between the low wage growth and the
> high profit growth,
> >ie, that profit growth is so robust precisely
> because wage growth
> >has been suppressed. right?
> >
> >can one actually make that case? or do we think
> there's something
> >else going on?
>
> One can absolutely make that case. In fact, it's the
> only reasonable
> explanation for where the productivity gains of the
> last 4 years have
> gone. Into profits and upper-managerial pay.
>
> Robert Gordon has a paper on this (which I haven't
> read yet):
>
<http://faculty-web.at.northwestern.edu/economics/gordon/BPEA_Meetingdraft_Complete_051118.pdf>.
>
> Doug
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