Oct. 19 (Bloomberg) -- In Economics 101, students learn
that the share of national income received by labor stays
roughly constant with the share received by capital. This is the
first of “Kaldor’s stylized facts,” articulated half a century
ago by the Cambridge economist Nicholas Kaldor.
Recent experience betrays this lesson. Over the past two
decades -- and especially since about 2000 -- the share of
national income that flows into wages and other kinds of worker
compensation has been plummeting in various countries.