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 …
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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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Replying to @Noahpinion
Isn't this demographically built in? Young earners earn less than older earners - so any longitudinal approach should pick up this effect. But Russ sometime talks as if he thought this truth invalidates cross-sectional findings. I don't think so.
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Correct, it does not. And yes, age does play a role here! But most of the story is just going to be mean reversion.
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