Gittins: Aussie economists are pro-business flunkies

Fairfax’s Ross Gittins has taken direct aim at Australia’s captured economists, accusing them of forever kowtowing to the business lobby and shafting Australian workers in the process:

Whenever inflation worsens, the economists’ accusing fingers point not to business but to the workers. No one ever says businesses should show more restraint, they do say the only way to fix the problem is for workers to take a real-wage haircut.

There’s no better evidence of the economics profession’s pro-business bias than its studious avoidance of mentioning the way the profits share of national income keeps rising and the wages share keeps falling.