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A commonly referred "factoid" claims that within the past ___ years (or decades), the share of labor in income distribution has shrunk while that of capital has increased.
However, all evidence that I've seen (mainly for the U.S.) indicate that:
1. including benefits, the income share of labor has remained more or less constant over the past few decades;
2. there has been a regressive redistribution within labor -- i.e., income inequality within wage earners has increased (e.g., the "minimum wage/managerial wage" ratio has decreased).
AFAIK, fact #2 is hardly disputed, but I think it is often misapplied or misquoted as the income share of labor getting smaller.
Any thoughts or comments?
However, all evidence that I've seen (mainly for the U.S.) indicate that:
1. including benefits, the income share of labor has remained more or less constant over the past few decades;
2. there has been a regressive redistribution within labor -- i.e., income inequality within wage earners has increased (e.g., the "minimum wage/managerial wage" ratio has decreased).
AFAIK, fact #2 is hardly disputed, but I think it is often misapplied or misquoted as the income share of labor getting smaller.
Any thoughts or comments?