Portside

Over the last few decades, productivity has grown substantially, but the hourly compensation of the typical worker has grown much less. Any effort to reestablish a link between pay and productivity growth will need to promote policies that enable workers to once again join unions and bargain collectively.

On Friday, on the eve of the annual meeting of The American Economic Association in Boston, attended by many of the top economists in the United States, the agents of the heterodoxy had come to declare war on the profession. The small group threw their messages onto the side of the Sheraton Boston in glowing, six-foot tall letters: “BEFORE ECONOMICS CAN PROGRESS, IT MUST ABANDON ITS SUICIDAL FORMALISM.”

Nobel laureate in economics Joseph Stiglitz talks about what forces are driving economic inequality and a policy framework for reversing the trend.

Economic statistics? Evolution? Climate change? If you don’t like the facts, make them up. Or have your benefactors finance “think tanks” filled with hired guns who will tell the public what you and your patrons want them to say. If all else fails, fire experts who tell the truth, and replace them with people who will pronounce falsehoods.

The central bankers and the Ferguson residents would do well to switch places. Ferguson is actually a much better place from which to understand the consequences of the past six years of economic policies.

It's true. The "Communist Manifesto" co-author has gotten a second life — and he has some advice for progressives

“If they can get you asking the wrong questions, they don’t have to worry about answers.” Progressives have all kinds of ideas to shape a more equitable primary distribution. But those ideas will never get much oxygen if we remain voluntary trapped in the cramped debate of a short-sighted economics.

According to a new white paper by Nobel Prize-winning economist Joseph E. Stiglitz, our labyrinthine tax system is encouraging corporations to invest in creating jobs overseas, when unemployment remains doggedly high here at home, while giving US-based multinationals good reason to deprive our treasury of revenues when we should be investing in infrastructure and the American people.

Piketty's central theme is not that inequality of the ownership of wealth is going to skyrocket. The central theme is that the 1% already owns a lot of the capital stock, and the capital stock is going to get gigantic relative to the rest of the economy. Whatever the weakness this meg-tome and mega-best seller, there is no denying - the rich are getting richer, the poor, poorer. (And Piketty is not a Marxist.)