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The curve above IMO can have 3 explanations:

a) Americans work less than in the 70's
b) Labour is taxed now harder than before
c) the FIRE sector (finance, insurance, real estate) takes their money, or
d) The yields from productive capital have increased significantly and/or at the expense of labour.

by kjr63 on Wed Mar 4th, 2009 at 05:55:51 AM EST

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