money is self-reinforcing, and breeds power, which allows control. ... I don't think it's sustainable
It sure sounds sustainable.
I am not an economist. Is this view in any way valid?
But you're quoting an economist.
Am I seeing the right things?… What are the other causes? What can we do?
I don't know if you remember the standard US economist's story for rising wage inequality in the late 90's and early 00's. It was "skill-biased technological change" or "perhaps trade". (I translate that as "No f___ing clue.")
If any economists have figured out why wage:GDP ratios are dropping, I haven't heard that explanation.
(Actually I have heard one but haven't thoroughly looked into it: declining union membership rates roughly anti correlate with the http://i.imgur.com/u6aU2.gif.)
It is sustainable up until the point where the guillotines are sharpened and the pitchforks come out. So probably about 10-15 more years on our current course.
It sure sounds sustainable.
I am not an economist. Is this view in any way valid?
But you're quoting an economist.
Am I seeing the right things?… What are the other causes? What can we do?
I don't know if you remember the standard US economist's story for rising wage inequality in the late 90's and early 00's. It was "skill-biased technological change" or "perhaps trade". (I translate that as "No f___ing clue.")
If any economists have figured out why wage:GDP ratios are dropping, I haven't heard that explanation.
(Actually I have heard one but haven't thoroughly looked into it: declining union membership rates roughly anti correlate with the http://i.imgur.com/u6aU2.gif.)