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Wage Repression is Real – Institute for New Economic Thinking

academic, i know, but important to know. “know your enemy”, and in this case the enemy is the field of macroeconomics and its dogmatic thinking. real economists, some of whom have radically rethought their professions following the 2008 economic crisis, have a paper out talking about wage repression – how the economic structure keeps wages down even in the face of increasing productivity. again, these aren't outsiders, these aren't upstarts – these are respected, established, tenured faculty looking askance at the field and revisiting their assumptions and finding them lacking. the paper: https://www.ineteconomics.org/uploads/papers/Taylor-Memo-Wage-Repression-Caused-Macro-Inequality.pdf and a video from the authors going over the charts and findings: https://www.youtube.com/watch?v=mQtXU15NpTc it's important to know that this is real, that this isn't just made up, and it's big, structural, and catastrophic. unwinding it will be a long, hard slog. but knowing the forces of economics – which, by the way, are entirely constructed, even though…


academic, i know, but important to know. “know your enemy”, and in this case the enemy is the field of macroeconomics and its dogmatic thinking.

real economists, some of whom have radically rethought their professions following the 2008 economic crisis, have a paper out talking about wage repression – how the economic structure keeps wages down even in the face of increasing productivity. again, these aren't outsiders, these aren't upstarts – these are respected, established, tenured faculty looking askance at the field and revisiting their assumptions and finding them lacking.

the paper: https://www.ineteconomics.org/uploads/papers/Taylor-Memo-Wage-Repression-Caused-Macro-Inequality.pdf

and a video from the authors going over the charts and findings: https://www.youtube.com/watch?v=mQtXU15NpTc

it's important to know that this is real, that this isn't just made up, and it's big, structural, and catastrophic. unwinding it will be a long, hard slog. but knowing the forces of economics – which, by the way, are entirely constructed, even though some economists talk about them as irreversible natural forces – will be key to understanding how to address this problem.

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