Technological change, demographics, globalisation, ‘financialisation', the political decline of labour market institutions and the welfare state: all have contributed to the remarkable decline in the labour share of national income over the past 30 years. Wages have decoupled from productivity growth.
The resulting growth in income inequality is now attracting attention. Its costs are well known: lower and higher variability of growth. The current lack-lustre economic position and associated hig...
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