Rising Tides Lift All Yachts: Why the 1% Grabs all the Gains From Growth

By L. Randall Wray

You’ve probably seen references to the work of my colleague (and former student), Pavlina Tcherneva in recent days.

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The NYT article includes links to her published article in the Journal of Post Keynesian Economics, the first issue edited by me and my Levy Institute colleague Jan Kregel. Pavlina also presented her results at the just finished International Post Keynesian Conference at UMKC.

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Back to the topic at hand. Rising Tides Don’t Lift All Boats. Who wudduva thought?