Day+29-30+Shareholder+value+and+employment+3-5+Nov

Day+29-30+Shareholder+value+and+employment+3-5+Nov - What...

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Click to edit Master subtitle style 2/4/11 What Effect has the Shareholder Value Conception of the Firm had on Employment? The main story 1. The employment relation within firms is governed by social institutions 2. The shift to a shareholder value conception of the firm has led to a more Hobbesian world for the American worker
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2/4/11 Source : Thomas Piketty and Emmanuel Saez. Chart by Catherine Mulbrandon of VisualizingEconomics.com. The second trend contributin g to the Great Divergenc e concerns not the middle class but the rich. It
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2/4/11 Thomas Piketty and Emmanuel Saez. Chart by Catherine Mulbrandon of VisualizingEconomics.com. To review: Income gains made during the Great Divergence by the top 20 percent relative to the middle and bottom 20 percent pale in comparison to income gains made during that period by the top 1 percent relative to the bottom 99 percent—especially after 1994. Since 1979, the top 1 percent's income share has more than doubled. Now let's look at the top 0.1 percent. If the top 1 percent are the Rich, the top 0.1 percent (who today earn about $1 million or more) are the Stinking Rich. Since 1979, their income share hasn't doubled; it's quadrupled . In 1973 the top 0.1 percent's share of the national income stood at 2 percent. By 2008 it was 8 percent. The bottom 99.9 percent's share fell from 98
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2/4/11 Explanation #1: Technology Technology does not automate low- skilled jobs very well Technology does not automate extremely high-skilled jobs very well But technology DOES automate middle-skilled, middle-income jobs
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This note was uploaded on 02/04/2011 for the course SOC 110 taught by Professor Powers during the Fall '07 term at Berkeley.

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Day+29-30+Shareholder+value+and+employment+3-5+Nov - What...

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