Three metrics—wage share, exploitation rate, profit rate—measure austerity’s class effects

Evidence

To grasp the political (and economic) implications of austerity, there are three main timelines to consider: the wage share of national income, the ratio of nonwage to wage incomes (known as the rate of exploitation), and the profi t rate. — Clara E. Mattei, The Capital Order, 1477

Categorization

• DEFINE: Introduces the three analytical metrics used to quantify austerity’s distributional effects.
• XREF: connects to: Fiscal and monetary austerity jointly transfer capital accumulation costs onto working classes — Clara E. Mattei, The Capital Order: How Economists…, 774; Austerity is an effective class-structure instrument, not an economic error — Clara E. Mattei, Escape from Capitalism: An Intervention, 142

Broader Connections

• Austerity is an effective class-structure instrument, not an economic error #expands (0.78) — Clara E. Mattei, Escape from Capitalism, 142