Greedy capitalists have been helping themselves to an ever growing share of our economic output. The decline of labor unions and factory jobs, our dependence on cheap foreign labor, and businesses' growing "monopsony" power are shafting American workers.
The latest versions of these claims rely on data purporting to show that labor has been receiving a declining share of total economic output. This has become a widely accepted story, repeated in such outlets as The New York Times, The Wall Street Journal, and Bloomberg Opinion. Even a few market-friendly economists have repeated the tale, writes Gene Epstein in his latest piece at Reason.
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