Maybe Marx was right about labor-saving technology

http://krugman.blogs.nytimes.com/2012/12/28/policy-implications-of-capital-biased-technology-opening-remarks/?gwh=E4B7DEE951F02D71FE1ABBB0708E3A4F

Policy Implications of Capital-Biased Technology: Opening Remarks

I’ll be writing more about this in weeks to come, but I guess I’d better say something right away about the implications of a declining labor share in GDP. Again, the data so far look like this:


(By the way, some commenters, weirdly, think that this is not the basic BEA data. It is; just check the sourcing at FRED).

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