Right there, obviously, Cochrane is misstating the issue. - TopicsExpress

Right there, obviously, Cochrane is misstating the issue. Inequality is not about who gets a piece of a windfall; its about how compensation for actual effort is apportioned--more specifically, how wealth created by productivity is distributed. In the U.S., productivity gains have diverged sharply from wage growth since the 1970s, as the profits have flowed upstream to shareholders. Thats inequality, not who grabs dollars wafting through a room. latimes/business/hiltzik/la-fi-mh-income-inequality-20140930-column.html#page=1

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