While inequality has increased, among actual *people*, there was a lot of regression to the mean - poor people tended to catch up, rich people to fall back. That's an important point that gets overlooked in our discussions of inequality and mobility.
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Here's another paper on the topic: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3256993 …
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Here's a picture of mobility by income percentile (from Chetty). You can see that when you're born poor, there's nowhere to go but up, and when you're born rich, it's hard to do better than your parents.pic.twitter.com/kQ1ERQckzy
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Of course, if you really want to see dynastic wealth in action, you should probably look at wealth, rather than income...
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Not rocket surgery. Those at the bottom have nowhere to go but up. At what point do trust-fund heirs enter the picture? How many generations will "spend down" to meet Medicaid eligibility at end of life? At what pont does housing go from homelessness to one house? Second home?
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There's a nice study by
@fatihguvenen that looks at lifetime inequality for earnings using administrative data, and still finds stagnating incomes. https://fguvenendotcom.files.wordpress.com/2014/04/gks_lifetime_history_2017_apr_nber.pdf …Thanks. Twitter will use this to make your timeline better. UndoUndo
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If you can't read past the bs arguments like "look at people not quantiles" or poor kids make 2x parents (~40k) and rich had no gain (making >100k). sure...
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Don't rich people makes every effort not to have REPORTABLE income so their taxes are lower? All this isn't helpful information unless we understand WHY incomes changed for people.
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Also don't rich people stop working because they don't have to work? (Because they're rich.) Poor people have no choice.
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Its important to keep our eye on the ball - probably the most important issue in income inequality is the collapse in INDIVIDUAL hourly wages among males in the bottom 80%. By using HOUSEHOLD data, Roberts' buries that lede.
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There is a triumph here - women entering the formal workforce in large numbers - but the fact that there has been very little improvement in household incomes even though most households are sending a larger share of their members into the workforce for longer hours is very bad.
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"These people have improved their lot since the 1970s but as a society we have failed."
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Great, great piece. In 10 years we will be amazed that so many people were so wrong about income inequality. This and many other studies find it to be a mirage .
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