Witless Economists, Naive Pundits Fall for Stagnant Wage Myth

Los Angeles Times business columnist Michael Hiltzik writes that “[O]f all the addictions that undermine stability in communities and society at large, surely one of the worst and most persistent is the addiction of corporate managements to pleasing their shareholders.” So much confusion in one sentence. An inconvenient truth that's plainly eluded the aggressively imperceptive Hiltzik is that absent shareholders, there are very few communities, very little society, and zero corporations. Somehow it never occurred to Hiltzik that the very shareholders he naively denigrates are the creators of all corporations and all jobs.