Who Creates a Nation’s Economic Value?

A challenging analysis of inequality forces us to reconsider how our economies work — and who it works for

Traders work on the floor of the New York Stock Exchange September 17, 2008 in New York City. The Dow Jones Industrial Average closed down 449 points today despite American International Group, Inc. (AIG) $85 billion government bailout. Photo: Mario Tama/Getty Images

By Martin Wolf

Who creates value? Who extracts value? Who destroys value? If we mistake those who do the second or third for those who do the first, or mistake those who do the first for those who…