Last week I wrote a post--Corporate Performance Raises Questions-- that discussed the inverse relationship between corporate profits in the U.S. and wages earned. Corporate profits are at an all time high and wages earned as a percentage of the economy appear to be at an all time low.
Paul Krugman, Nobel Laureate and NYT columnist, wrote an op-ed piece on December 9 citing the same statistics and making a point that IT technology is not only replacing low wage jobs but also more value added positions. My post on the disruption by IT of higher value positions appeared in this August 2010 post--The Future of Professional Services. Mr. Krugman's article-Robots and Robber Barons--is here.
I doubt Mr. Krugman reads this blog, but if you want to know what he will be writing about, read Sophisticated Finance :)
Thanks to my friend, Martin, for pointing me to the Krugman article.