Wages = MRP?

Stephen Gordon is wondering whether demographic changes account for concentration of income distribution.

I’ve never bought the wages = MRP story, for many reasons.

Deconstructing Trichet

Jean Claude Trichet responds to calls to cut the discount rate:

If you only do one thing this weekend

Spend an hour listening to Doug Henwood interview David Graeber about his new book

Debt: The First 5,000 Years.

To whet your appetite, here is some of the dialogue:

Bad Day

Labor Day has a curious history:

The Haymarket square massacre and subsequent show trials occurred in the U.S., and labor organizations throughout the world celebrated May Day in solidarity with their U.S. labor counterparts, who quickly moved to distance themselves from those movements that were aware of, and emphasized, class conflict. After the massacre of union members at the Pullman Strike, U.S. labor organizations began celebrating their own labor day, in September — almost the antipodal opposite of May Day.