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Paul Krugman @paulkrugman
, 4 tweets, 2 min read Read on Twitter
I've been late about getting to this @DLeonhardt column on how corporate behavior has changed. He's right -- it has. But it probably doesn't reflect a moral shift as much as a change in incentives 1/ nytimes.com/2018/12/02/opi…
For one thing, corporations used to have to placate powerful unions. Union power is now greatly reduced, thanks to politics (2/3 of Danish workers are now unionized.) Here's the fraction of US workers in unions 2/
Meanwhile, the returns to greed have gone way up, because tax rates on high incomes have gone way down. It used to be that CEOs wouldn't see that much personal gain from squeezing workers; now they do 3/
So yes, corporate leaders are different from the way they used to be. But it was politicians who changed the environment 4/
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