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America's economic "recovery"

Soviet cogitations: 216
Defected to the U.S.S.R.: 27 Jul 2013, 05:04
Ideology: Other Leftist
Post 28 Jan 2014, 04:55
Michael Roberts discusses the realities of the current U.S. economy in a blog post from January 13, 2014. ... als-share/

Especially interesting are references to the work of French economist Thomas Piketty on the reasons for growing inequality.

According to Piketty, inequality is now approaching prewar levels. This rise in inequality is not due to better education for the top earners or even super star status like footballers. It is mainly due to a rise in income from the ownership of capital assets: “Economists used to believe that the ratio of aggregate wealth to income is constant over time, but it is not.” The wealth-to-income ratios of rich countries have been increasing since the 1970s. In the top eight developed economies, according to official national balance sheets, aggregate private wealth has risen from about two to three times national income in 1970 to a range of four to seven times today.

Roberts later goes on to analyze Piketty's work as a "bastardised" version of Marx’s accumulation theory.

Lots of interesting stuff to chew on and I thought I would post this for comments by the many knowledgeable comrades here.
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