The picture implies that the people who were rich in 1980 got a lot richer. The people who weren't rich in 1980 made no progress. That's not what the picture actually measures. It's a deception.https://twitter.com/STEPHEN_FINE/status/1111337978880815105 …
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Inequality is an interesting question. We may not agree on it. But people are talking about more than that. They're talking about the rich holding everyone else down. That story in my view is inaccurate and a distortion of the data.
If people jump in and out of the top quantile frequently enough, it's somewhat misleading even to talk about "the rich."
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I completely agree with this! Most people who talk about "the rich" or malicious people when talking about inequality are making a big distortion. Just because extreme inequality is not a conspiracy doesn't mean it's not harmful.
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Different question. And a legitimate one. But that's not what most people are doing when they share these kinds of pictures.
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Craving at least minor agreement, start from here. Maximum inequality + maximum mobility = One person has 99% of national income that is won in a single contest of skill. We all agree that's bad. We agree that Gini=0 is also bad. So there's a line. The question is, where?
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