Note to Self: Angelo Houston: "Auten-Splinter has been out for over 2 years but I’m just now seeing economists much less journalists even acknowledge it. I find it baffling." Well, in 1982 the top 5 individuals' wealth was 0.3% of America's GDP; today the top 5 individuals' wealth is 2.1% of America's annual GDP. With little movement in the rate of profit, it's hard to reconcile that with AS's belief that top 10% CMA has only risen from 28% to 33%. The sharp disagreement between AS 10%ile & top order statistics of income & wealth distribution creates, in the absence of any successful reconciliation, a very strong presumption that there is something wrong with their procedures. I think that has caused lots of pause...
#notetoself #2019-12-27
