this statement by the authors is silly on it's face...
They claim that the US has seen a falling labor share due to the following --- "the decline in worker power – as private sector unionization and union power fell, the real value of the minimum wage declined, shareholder activism increased, and ‘ruthless’ management tactics became widespread"
The authors are either locked up in their academic high tower and out of touch or they are writing to serve a political agenda.
Unions served a valuable purpose when management was truly "ruthless", however nothing in current work culture remotely approaches "ruthless" anymore.
Unions are effective at increasing pay in return for less production. it's sad but true. There are few unions left that actually have anything resembling an ethic of hard work when compared to non-union norms. These remnants of hard working union types are only found in the blue collar "gloves and sweat" industries.
That point aside, America has lost it's blue collar labor force because we have developed a technocratic, first world, entitlement culture that considers physical labor as an untenable acquaintance.
Meanwhile, the rest of the world has to fight and struggle to survive and hard work is a fact of life and a measure of worth. Consequently, Americas blue collar workforce is simply out worked by the rest of the world and if not for the immigrant work force, that bring the drive and desire to work hard with them, American labor would be in an even worse predicament.
Pricing power for the workforce does exist in America and examples abound. However, it is these unionized parts of the economy that have contributed to the downward trend in labor share by offering less production in return for extorted compensation increases.
American born workforce has lost the cultural sponsorship of physical labor and each generation laments the laziness of the next. This is the underlying reason that America's share of world labor has declined.
They claim that the US has seen a falling labor share due to the following --- "the decline in worker power – as private sector unionization and union power fell, the real value of the minimum wage declined, shareholder activism increased, and ‘ruthless’ management tactics became widespread"
The authors are either locked up in their academic high tower and out of touch or they are writing to serve a political agenda.
Unions served a valuable purpose when management was truly "ruthless", however nothing in current work culture remotely approaches "ruthless" anymore.
Unions are effective at increasing pay in return for less production. it's sad but true. There are few unions left that actually have anything resembling an ethic of hard work when compared to non-union norms. These remnants of hard working union types are only found in the blue collar "gloves and sweat" industries.
That point aside, America has lost it's blue collar labor force because we have developed a technocratic, first world, entitlement culture that considers physical labor as an untenable acquaintance.
Meanwhile, the rest of the world has to fight and struggle to survive and hard work is a fact of life and a measure of worth. Consequently, Americas blue collar workforce is simply out worked by the rest of the world and if not for the immigrant work force, that bring the drive and desire to work hard with them, American labor would be in an even worse predicament.
Pricing power for the workforce does exist in America and examples abound. However, it is these unionized parts of the economy that have contributed to the downward trend in labor share by offering less production in return for extorted compensation increases.
American born workforce has lost the cultural sponsorship of physical labor and each generation laments the laziness of the next. This is the underlying reason that America's share of world labor has declined.
Academics are laughingly stupid sometimes.