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Monday, May 21, 2018

Monopsony, Rigidity, and the Wage Puzzle (Wonkish) [feedly]

This is a long wonkish article on 1) is the economy at full employment?; and 2) if it is, why aren't wages rising more?

Krugman is one of smartest, and most progressive economists in the world. To the first question he says YES. To the second, he, and nearly everyone else in the profession, says: I DO NOT KNOW.

Good place to reinsert Marx's "bankrupt, totally wrong" [so it is frequently said], and Piketty's "he can't be right -- he's too much like Marx", assertions that (my paraphrase) -- "Its the politics, stupid". Total or semi nationalization of some strategic monopolies (a la Marx), plus taxes on wealth (Piketty), plus significant empowerment of associations of labor, as well as associations of women, and racial and nationality communities will put us on the only possible path to peace AND human progress for generations to come.

Monopsony, Rigidity, and the Wage Puzzle (Wonkish)

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