The first dynamic determines the wage share ( total wages as a share of NATIONAL_INCOME ): as employment increases above a certain threshold, say E, labour becomes scarce, workers'bargaining power rises, and therefore so does the wage share.
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To see how the combination of these two dynamics produces a regular cycle ( boom to bust to boom ), suppose the economy is growing and employment is on the rise. according to the first dynamic, once employment exceeds threshold level E, wages rise too. But when wages rise above level W, the second dynamic kicks in, reducing employment.
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In a country that prided itself on the fact that, at_least since the 1850s, real wages had risen steadily, thus giving every generation of workers the hope that their children would be better off than they were, real wages stagnated. To this day, they have not even recovered their 1973 real purchasing power.
N.B.: After the above sentence, Varoufakis (2015) adds a chart (see below) which illustrates eloquently how the logic of 'Global Minotaur' has damaged the average people. In other words, it has incresed the income inequality.