Income Polarization of the U.S. Working Class: An Institutionalist View—Josifidis 2018

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We analyze income polarization in the U.S. working class. The present industrial revolution replaces "creative destruction" with jobless growth, unlike earlier rounds. New disruptive technologies remove more jobs in labor- and capital-intensive sectors than they create in idea-intensive sectors. We get robust econometric conclusions by evaluating the association between the bottom 50%, middle 40%, and top 10% of income and technical growth. According to our results, income polarization among U.S. workers is linked to the movement of R&D to the private sector. Corporate innovation restricts society's potential to eliminate inequality and promote social stability through "amazing productivity" of technology.

Josifidis, K., & Supic, N. (2018). Income Polarization of the US Working Class: An Institutionalist View. Journal of Economic Issues, 52(2), 498-508.

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