Recent quotes:

DRAFT: Discussion of Matthew Rognlie: "Deciphering the Fall and Rise in the Net Capital Share" - Washington Center for Equitable Growth

Let me end by strongly endorsing what I take to be Matt Rognlie’s bottom line. I take it to be that post-WWII variation in the observed net capital share is not explainable via returns on the underlying assets. Instead, the decomposition in section 3 attributes most of the variation to pure profits, or markups… Accumulation and returns play, outside of housing, a distinctly secondary role, if they play any role at all. But it is equally hard to find any role for the race between education and technology, and there should be if we think the factors of production are labor, education skills, and machines. Likewise, variation in income inequality, is hard to attribute to wealth ownership or to human capital investment or to differential shifts in rewards to factors like raw labor, experience-skills, education-skills, and machines.
#Matthew-Rognlie - equitablegrowth.org