Archive for the ‘New Posts’ Category

Random Thoughts on Tax Day Eve

April 14th, 2014

–There’s increasing noise about tax fairness, particularly given the increase in the share of total federal taxes paid by the top 1%, as in this WSJ piece today.  I’ll have more to say tomorrow about different ways to think about fairness in the tax code, but a key factor here is that those whose liabilities… Read more

What’s Driving the Growth of US Inequality: Labor or Capital Income?

April 13th, 2014

As noted yesterday, I’m working on a longer piece about sky-high salaries—merit vs. “rents”—so I was interested to see this piece (“Invasion of the Supersalaries”—nice!) in the NYT this AM.  That piece reports that “the median compensation of a chief executive in 2013 was $13.9 million, up 9 percent from 2012…”  I’m assuming that 9%… Read more

A Striking Picture of Pay and Deregulation in Finance

April 12th, 2014

I’m crunching on a longer piece on “rents” versus merit in US high-end salaries and their role in our uniquely high levels of inequality (“rents” here means being paid above your marginal product, or your individual contribution to your firm’s bottom line). Anyway, for good and I think obvious reasons, a strain of this literature… Read more

Summers on Infrastructure Needs

April 11th, 2014

If there’s something awry in the logic of Larry Summers’ argument here for more infrastructure investment, I certainly can’t see it.  Based on low real interest rates, still high unemployment particularly among blue-collar production and construction workers, and most of all, the need for productivity-enhancing investments in our aging public goods, Larry is very much… Read more