Two posts ago, I rehashed the point that owners of capital income do not produce it and therefore have no desert-based claim to it. One post ago, I responded to the rebuttal that they do in fact do work to receive capital income, namely the work of deploying and managing capital. In that post, I rehashed the point that capitalists don’t do this work, but rather money managers and executives (who are paid) do it. So, it would seem, we really do have 30% of the national product flowing out to...
