Are we already welcoming our robot overlords? Prominent economist and Nobel laureate Paul Krugman reported the following epiphany Thursday after closely analyzing workers’ share of the U.S. economy: labour is dying.
Prof. Krugman highlighted data showing the rapid decline of labour’s share of U.S. business. As a staunch Keynsian, Prof. Krugman had previously argued that high U.S. unemployment was almost entirely the result of weak aggregate demand and could be fixed by introducing high levels of government spending. He now appears less sure: