> The decline in labor share of income has come entirely from increased income from land and rents. Housing is capital. > The part that you’re forgetting is t

> The decline in labor share of income has come entirely from increased income from land and rents. Housing is capital. > The part that you’re forgetting is that capital accumulates, returns to capital go down. Still, it accumulates. > There is a ton of capital sloshing around the economy right now looking for marginal returns. That's true. I actually keep thinking about the nature of this a lot, since it's very interesting.