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That is a radically different world from the one we now inhabit. Obviously, workers at the bottom would be earning much more. But, so too would workers in the middle, whose earnings over the last three decades have moved much more in line with wages at the bottom than at the top. Meanwhile, top earners, who have received by far the largest share of productivity gains since the end of the 1970s, would have given up much of those gains to workers at the middle and bottom. To be clear, high earners in this alternative world would still make substantially more than those in the middle—and even substantially more, in inflation-adjusted terms, than what high earners made back in 1968—but the gap between the top and the rest would be much smaller than is the case in the economy we actually inherited.
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