Mark's Predictions Did Not Turn Out So Well, Why Not?

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Mark's predictions didn't turn out so well. Why not? They did not. And i think, you know, the first one we know best is that marks was totally offtar when he was writing. He does sometimes talk about real wages being stanedar stagnant and all improvements in output and productivity go to capital.

Daron Acemoglu, the Elizabeth and James Killian Professor at the Massachusetts Institute of Technology, talks with EconTalk host Russ Roberts about his new paper co-authored with James Robinson, "The Rise and Fall of General Laws of Capitalism," a critique of Thomas Piketty, Karl Marx, and other thinkers who have tried to explain patterns of data as inevitable "laws" without regard to institutions. Acemoglu and Roberts also discuss labor unions, labor markets, and inequality.