Monday, December 10, 2012
Robots and Robber Barons
Krugman doubles down on his previous op-ed, in which he offered an explanation for the increasing share of national income that is going to capital, relative to labor's share of income. He has added monopoly to his list of things responsible for the shift. Robots have replaced expensive labor and industry concentration has increased profits. The comments were especially interesting. There were not many comments by conservative trolls who object to his politics. Most were sympathetic to his view and many wondered why it took him so long to figure this out.