David’s Reviews > The Asset Economy > Status Update

Of central importance here is the fact that the policies that have enabled returns on assets to outstrip those on labour took place in a historical and institutional setting where property ownership had already to a significant extent become democratized.

Class possitions have become asset-based, the Minskyan household has replaced the Fordist household, and these trends have led to the emergence of asset-driven lifetimes, shaped profoundly by the dynamics of appreciation and depreciation and the struggle for liquidity.

If central banks had once [before '79] sacrificed the value of assets to permit wage growth, they now strove to repress wages and consumer prices in the service of asset price appreciation.