Productivity Benefits Not Shared With Normal Workers
… gainers in the current business cycle. See the link for the full article.
https://www.cepr.net/documents/publications/0702_productivity.pdf
We accept the analysis provided by CEPR. However, we would question whether people in the 90th percentile and above are really workers anymore. For instance, many may be partners in law or accounting firms. These people are very close to capital owners. If the 90th and particularly the 95th percentile and above are seeing their wages increase significantly, it’s important to recognize that while there are a few highly paid specialists and bond traders in this class …