“Turchin finds that a simple mathematical model, combining economic output per person, the balance of labour demand and supply, and changes in attitudes towards redistributing wealth – the minimum wage level is one proxy for this – generates a curve that exactly matches the change in real wages since 1930, including complex rises and falls since 1980. Such close agreement between model and reality is exceptional in social sciences, says Turchin, and shows that all three factors control the rise of inequality, as predicted.”
