I think the estimable Noah Smith gets this one wrong. He writes: Noah Smith: Cracking the Mystery of Labor’s Falling Share of GDP: “Economists are very worried about the decline in labor’s share of U.S. national income… https://www.bloomberg.com/view/articles/2017-04-24/cracking-the-mystery-of-labor-s-falling-share-of-gdp …For decades, macroeconomic models assumed that labor and capital took home roughly constant portions of output—labor got … Continue reading A Low-Pressure Economy Is Not Only Dark But Invisible in the Horserace Noah Smith is Running…