This is the wrong way to compare Europe/US. Europe's bottom third are maybe 10-20% poorer than the US'. Europe's middle third are about the same. Europe's top third are about 20-40% poorer than the US.https://twitter.com/a_r_schein/status/1055178495045853184 …
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Which means your odds of being "worse off" are about the same in both places if you don't know your skill level ex ante. But crucially, the payoffs to the US top third are a lot bigger than the costs to the US bottom third.
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Replying to @lymanstoneky
That's where you lost me. The marginal value of additional wealth decreases to nothing on the upside. The marginal decrement to welfare going down in wealth only increases in magnitude until you hit penurious starvation.
5:15 PM - 24 Oct 2018
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