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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
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@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 24

    Your must-read blog post of the day is Russ Roberts on panel studies of income changes:https://medium.com/@russroberts/do-the-rich-capture-all-the-gains-from-economic-growth-c96d93101f9c …

    1:49 PM - 24 Oct 2018
    • 45 Retweets
    • 105 Likes
    • Sima Seth Borko Alejandro Gomez Scott McFatridge Lukas Hartwich Pawlega Tomasz Caleb Watney Miles Lukewarm 3000 Rupert Harrison
    8 replies 45 retweets 105 likes
      1. New conversation
      2. Noah Smith‏Verified account @Noahpinion Oct 24

        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.

        12 replies 6 retweets 40 likes
        Show this thread
      3. Noah Smith‏Verified account @Noahpinion Oct 24

        Here's another paper on the topic: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3256993 …

        1 reply 4 retweets 8 likes
        Show this thread
      4. Noah Smith‏Verified account @Noahpinion Oct 24

        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

        2 replies 24 retweets 41 likes
        Show this thread
      5. Noah Smith‏Verified account @Noahpinion Oct 24

        Of course, if you really want to see dynastic wealth in action, you should probably look at wealth, rather than income...

        3 replies 3 retweets 33 likes
        Show this thread
      6. End of conversation
      1. John Ballard‏ @Hootsbudy Oct 24
        Replying to @Noahpinion

        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?

        0 replies 0 retweets 5 likes
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      1. Jacob Robbins‏ @thesugar Oct 24
        Replying to @Noahpinion

        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 …

        0 replies 0 retweets 3 likes
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      1. Not the voice of reason!‏ @blastphemist Oct 24
        Replying to @Noahpinion

        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...

        0 replies 0 retweets 1 like
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      1. New conversation
      2. almost always‏ @ms_scherholz Oct 24
        Replying to @Noahpinion

        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.

        1 reply 0 retweets 1 like
      3. almost always‏ @ms_scherholz Oct 24
        Replying to @ms_scherholz @Noahpinion

        Also don't rich people stop working because they don't have to work? (Because they're rich.) Poor people have no choice.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. New conversation
      2. Geoffrey Williams‏ @geoffreyfw Oct 25
        Replying to @Noahpinion

        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.

        1 reply 0 retweets 0 likes
      3. Geoffrey Williams‏ @geoffreyfw Oct 25
        Replying to @geoffreyfw @Noahpinion

        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.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Kristian Blom‏ @kltblom Oct 24
        Replying to @Noahpinion

        "These people have improved their lot since the 1970s but as a society we have failed."

        0 replies 0 retweets 0 likes
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      1. David Greenberg‏ @DavGreenberg Oct 24
        Replying to @Noahpinion

        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 .

        0 replies 0 retweets 0 likes
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