Labor’s share of income is declining across countries; in the US, it fell from >63% in 2000 to <57% today. COVID accelerated this dislocation between labor and capital. The further the disconnect between labor and capital, the more resentment we see between them. GameStop was the greatest invasion of labor into capital since the Peasants’ Revolt – ... See more

In today’s stock market, most trades are made with someone else’s money (in Druckenmiller’s case, mostly George Soros’s). The 1990s and 2000s are sometimes thought of as the age of the day trader. But holdings by institutional investors like mutual funds, hedge funds, and pensions have increased at a much faster rate (figure 11-9). When Fama drafte

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Work in ProgressAmerica’s Most Important Economic Storyteller Is ConfusedAn old economy is dying, and a new economy is struggling to be born. Now is the time of monstrously confusing data.By Derek ThompsonAn illustration of the dollar-bill portrait of George Washington shrugging in confusionThe Atlantic; GettyJune 17, 2022About the author: Derek Th... See more