Something happened that, according to the textbooks, could not happen. Back in 1957 the economist Nicholas Kaldor outlined his six famous “facts” of economic growth. The first was: “The shares of national income that go toward labor and capital are constant over long periods of time.” The constant being that two-thirds of a country’s income goes into the paychecks of laborers and one-third goes into the pockets of the owners of capital–that is, the people who own the stock shares and the machines.
