I endeavored to write a long post on Josh Bivens and Lawrence Mishel's "The Pay of Corporate Executives and Financial Professionals as Evidence of Rents in Top 1 Percent Incomes" and ended up with a wordy, reductive mess. Instead I will post it without comment, and with only the following quote:
First, the increase in the incomes and wages of the top 1 percent over in the last three decades should largely be interpreted as driven by the creation and/or redistribution of economic rents, and not simply as the outcome of well-functioning competitive markets rewarding skills or productivity based on marginal differences. This rise in rents accruing to the top 1 percent could be the result of increasedopportunities for rent-shifting, increased incentives for rent-shifting, or a combination of both.
If you wish to make some sense of the perversion of the distribution of income in the last 30 years, read this paper.
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