Economists Thomas Piketty and Emmanuel Saez: ....After 1970, the authors observe a major divergence among rich countries. While top income shares have remained fairly stable in Continental European countries or Japan over the past three decades, they have increased enormously in the United States and other English speaking countries. This rise in top income shares is not due to the revival of top capital incomes, but rather to the very large increases in top wages (especially top executive compensation). As a consequence, top executives (the "working rich") have replaced top capital owners at the top of the income hierarchy over the course of the twentieth century.
Posted on: Tue, 16 Jul 2013 16:48:46 +0000