February 17, 2006
Marx is Wrong--Again
New studies on productivity growth in the United States show that it is growth in income (return on labor) not growth in capital (return on investments) that explains much of the recent economic growth in the United States. Populists will note however that the wage gains are at the top of the income scale; the cause of the increasing wage inequality seems to be a rise in returns to education and skills. Manual labor's returns remain fixed and marginal.
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