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Paul Krugman Discovers Marx (and Misses the Point)
In his recent New York Times op-ed piece, Princeton professor and regular columnist for The New York Times, Paul Krugman observed: The American economy is still, by most measures, deeply depressed. But corporate profits are at record high. It’s simple: profits have surged as a share of national income, while wages and other labor compensation are down. The pie isn’t growing the way it should — but capital is doing fine by grabbing an ever-larger slice, at labor’s expense.
In his recent New York Times op-ed piece, Princeton professor and regular columnist for The New York Times, Paul Krugman observed: The American economy is still, by most measures, deeply depressed. But corporate profits are at record high. It’s simple: profits have surged as a share of national income, while wages and other labor compensation are down. The pie isn’t growing the way it should — but capital is doing fine by grabbing an ever-larger slice, at labor’s expense.
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