"Challenging the Oligarchy" is Paul Krugman's review of Robert Reich's new book, Saving Capitalism. In the review Krugman plots the demise of a popular explanation for lousy wages: skill-based technological change (SBTC). That view often amounted to blaming the victim. Reich was a champion of SBTC in the 90s. But he's changed. He and Krugman both understand now that low wages reflect power and politics, not low skills and new technologies. But I am not sure if either of them understand how much mainstream economics in America is warped by adherence to an ideal of free competitive markets.
Read "Challenging the Oligarchy" by Paul Krugman here >>
www.nybooks.com/articles/archives/2015/dec/17/robert-reich-challenging-oligarchy/
Submitted to Good Jobs for All by: Frank Stricker, Emeritus Professor of History and Labor Studies, California State University, Dominguez Hills.
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