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 …
I disagree strongly. To use an idealized example, suppose you and I switch out as CEO each year, with the other one being a regular employee. Then the wage ratio doesn't matter much. Of course that's not realistic, but it shows that tracking individuals matters a lot.
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I agree wage ratios don't matter. I don't think anyone serious thinks they do matter.
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The only reason tracking matters is to get an accurate level unless you think this income switching is more prevalent than before.
End of conversation
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