Can Capitalists Afford Recovery? A Closer Look
Bichler, Shimshon and Nitzan, Jonathan.
(2018).
Real-World Economics Review Blog. 2 November.
(Article - Magazine; English).
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https://rwer.wordpress.com/2018/11/02/can-capitalists-afford-recovery-a-closer-look/
Abstract or Brief Description
Our RWER blog post, ‘Can capitalists afford recovery: A 2018 update’, showed U.S. unemployment to be a highly reliable leading indicator for the capitalist share of domestic income three years later.
An observant commentator, though, suggested otherwise (first comment by jayarava). Although true for much of the postwar period, this association no longer holds, s/he argued. ‘Something changed after the global financial crisis to decouple unemployment from income shares’, s/he posited, pointing to the ‘new power of globalized capital to force down wages even in times of [low] unemployment’ (or rather, that during an expansion, capitalists can raise prices faster than wages, thereby augmenting their income share, which is the conventional view.
This post assesses this claim more closely, by examining the correlation between (1) absolute levels of unemployment and the capitalist share of income, and (2) their respective rates of change.
Language
EnglishPublication Type
Article - MagazineCommentary on
Can Capitalists Afford Recovery? A 2018 UpdateBichler, Shimshon and Nitzan, Jonathan. (2018). Real-World Economics Review Blog. 26 October. pp. 1-2. (Article - Magazine; English).
Keywords
crisis income distribution power sabotage unemploymentSubject
BN LabourBN Macro
BN Power
BN Region - North America
BN Capital & Accumulation
BN Class
BN Crisis
BN Distribution
Depositing User
Jonathan NitzanDate Deposited
05 Nov 2018 18:01Last Modified
05 Nov 2018 18:01URL:
https://bnarchives.net/id/eprint/564Commentary/Response Threads
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Bichler, Shimshon and Nitzan, Jonathan
Can Capitalists Afford Recovery? A 2018 Update. (deposited 05 Nov 2018 17:44)
- Bichler, Shimshon and Nitzan, Jonathan Can Capitalists Afford Recovery? A Closer Look. (deposited 05 Nov 2018 18:01) [Currently Displayed]
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