What’s more, the collapse in the share of GDP going to labor actually understates how the situation has deteriorated for the typical worker. The official measure of labor compensation includes soaring wages for a small number of superstars in media, finance, sports, and corporate positions. Furthermore, it is debatable that all of the compensation going to CEOs and other top executives is solely due to their ‘labor’ income. It may also reflect their bargaining power, as suggested by Harvard Law Professor Lucian Bebchuk and others.40 In this sense, it might make sense to think of CEOs’ income
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Ceos income is part of their own control of capital
