There has been extensive debate around that topic since that paper came out. Some points to discuss:
1. Even the article you shared mentions that starting in 2003, earnings has stopped tracking productivity. "Total compensation remains close until 2003, but does not follow 2003’s uptick in productivity growth (behavior which remains a topic for future research)."
2. They use average earnings and not median earnings. Average earnings include people like CEOs. This by consequence shows that inequality among workers has also increased. Check out chart 4 here to see how much smaller median wages are compared to average: (https://www.csls.ca/ipm/23/IPM-23-Mishel-Gee.pdf)
3. Apart from the average vs median difference, the biggest point of contention between that study and more recent ones is the measure of inflation used. The 2007 study you cite uses a measure of inflation that also includes things paid by employers like medical insurance. It turns out that using that one leads to significantly lower inflation. If you use consumer price index, what workers actually pay out of pocket, the difference again becomes larger. Citing page 37 of the study above: "In other words, that the prices of consumer items has risen faster than a broader index of prices that includes net exports, government goods and services, and investment goods. Therefore, for a given increase in income, the purchasing power of the consumer has fallen faster than that of business for investment goods and foreigners for U.S. exports."
The article I shared before plus this other one describe all the discrepancies (https://www.epi.org/productivity-pay-gap/). Specially see chart 10 in the PDF study. That shows all possible variations of how you measure productivity and income. No matter how you look at it, the most substantiated conclusion is that income has NOT matched productivity.
First, taxes still get paid when the individual dies as estate tax. Second, increased shareholder value typically means more corporate profit which is also taxed. Third, dividends are taxed. So your claim that the shareholder value never makes its way into the tax system is plainly false.
This is all aside from the fact that increased shareholder value means a more abundance society regardless of the increase in taxes. We could quibble over the exact distribution of who gains from the enlarged pie but it's certainly not the case the 100% of it goes to capitalists so consumers and employees also benefit.
> taxes still get paid when the individual dies as estate tax
Almost no one in the US pays the estate tax. It only applies to estates over $14MM and most large estates get reorganized into trusts with estate tax avoidance as a primary motive.
Yes this entire conversation is about the ultra wealthy not paying their "fair share". A $14MM exemption is practically irrelevant here.
> most large estates get reorganized into trusts with estate tax avoidance
This isn't so simple. Transfers to a irrevocable trust count against your lifetime 14mm estate and gift tax exemption and a trust in excess of the 14M exemption is subject to gift tax.
Also, this discussion was about "Buy Borrow Die" strategy. Irrevocable trusts don't make much sense in this context because trusts aren't subject to stepped up basis.
It's implicit. Amazon has billions of dollars because customers freely handed over the money. We know they found the service valuable because they wouldn't have done so otherwise.
The poster is suggesting there is some _true_ value separate from what these customers who know their own situations best think. That they are secretly being fleeced and a central planner will somehow better allocate the resources.
"The ultra-wealthy should have less power" != "We should implement a five-year plan for our command economy as thought up by glorious and correct Party."
Twitter pays more for US impressions so slop accounts often target a US audience and the payments are relatively more attractive to people in less developed countries. Aside from the fact that Americans are only 4% of the world population. What about this is surprising?
There is no evidence presented that there is any state sponsored conspiracy going on. Nor would you need one to explain what we're seeing.
The author also presents no evidence that Pro-Trump accounts are disproportionately represented among accounts lying about their country of residence.
Ultimately, this is just evidence-free gesturing at some grand conspiracy. Cherrypicking the bits that are red meat to her (and apparently HN's) audience.
The scandal is he most likely knew the election is being manipulated via his platform, but didn’t say anything, because it was in “his” candidate’s favor.
If it's impossible to measure art's value then there can't be any cutoff point at which we stop funding ever more art. Anyone who attempts to put a number on its value is treated as an overly rational boor but we obviously can't just devote the entirety of society's resources to creating more of it.
You have to make an argument on _why_ market forces don't compensate artists fairly. The standard argument is that art is a public good with a free rider problem– a mural might produce value to everyone who looks at it but there is no way to force them to pay for it. That argument fails for many of the things this program is funding: theater, opera and film. All examples of art that is easily excludable.
The person you're responding to's argument is incoherent and not worth engaging in. The crux of it is that long term shareholders aren't benefited by buybacks because share price doesn't matter to them because they will never sell. Somehow however, dividends are good for them because they will not reinvest them for some reason? It doesn't make any sense.
See this explanation and corrected graph: https://fraser.stlouisfed.org/title/economic-synopses-6715/w...