OECD countries' economy: Practically everything is due to the skewing of income distribution against employees

A key feature of contemporary capitalism is the skewing of income distribution against employees: from 1998 to 2019, per capita productivity increased by 31% and real per capita wages by 13%: If income distribution between wages and earnings had been stable, real per capita wages would now be 16% higher, and corporate earnings would be one-third lower. The multiple causes of this skewing of income distribution are well known: labour market deregulation that reduced employees' bargaining power, deunionisation, competition from emerging countries with low labour costs, and the emergence of companies with local dominant positions in labour markets. We want to show that this skewing of income distribution against wage earners since the second half of the 1990s explains most of the current characteristics of the economic equilibrium in OECD countries: the lack of inflation and the expansionary monetary policies; private and then public borrowing ; the growing gap between the return on equity (RoE) and the risk-free interest rate; the excess private savings over investment, leading to the expansionary fiscal policy; wealth increase and social tensions.