Greater income inequality can increase the poverty rate, as more be a lot more transfers to offset inequality’s poverty-inducing impact. Policies that require welfare HOW SHOULD WE ASSESS INCOME INEQUALITY’S EFFECTS? The most informative test, which I’ll use here, is to see whether changes in income inequality Oct 14, 2015 The Effect of Billionaire Wealth, Income Distribution, and Poverty that initial poverty rather than income inequality affects economic growth of Mar 28, 2017 Poverty and income inequality are extreme issues that still exist in Malaysia. Policies that require welfare Use Forbes’ list of billionaires to derive a global measure […]
“Before any great things are accomplished, a memorable change must be made in the system of education and knowledge must become so general as to raise the lower ranks of society nearer to the higher. The education of a nation instead of being confined to a few schools and universities for the instruction of the few, must become the national care and expense for the formation of the many.”—John Adams There has been much ado recently (including on Surly ) about the fact that the current version of tax reform before the House of Representatives repeals Section 117(d) of […]
(Bloomberg) — By many measures, the city of Chicago, the third most populous in the U.S., is doing well. The city’s well-diversified economy has bounced back from the lost decade of the Great Recession, in terms of both output and employment levels. Meanwhile, the city hasn’t seen the kind of dramatic rise in housing costs suffered in many other cities: average rent is lower even than in sprawling Los Angeles, and housing is still a buyer’s market.
Perhaps partly for that reason, companies are moving to Chicago: Caterpillar Inc., for example, is shifting its headquarters from Peoria in central Illinois, […]
The first issue of British Vogue under editor in chief Edward Enninful, starring model Adwoa Aboah. The December 2017 issue of British Vogue —the first full issue under new editor in chief, Edward Enninful, hit newsstands today, and it has been heralded worldwide for its diversity of representation, from contributing editors such as supermodel Naomi Campbell to contributors including author Zadie Smith and pop star Zayn Malk.
But there is another, less obvious social issue that Enninful, who spent six years as style director of W and spearheaded the sold-out Black Issue of Italian Vogue, is addressing: social mobility, which […]
The voters who swung the election remain out of Democrats’ reach, says Harriet Baber
Polar opposites: Trump supporters and opponents argue at Sterling Heights, Michigan, earlier this year WHEN the smoke cleared after the United States presidential election, it was easy to see exactly what had happened: Democrats voted for Democrats, Republicans voted for Republicans, and the white working-class tipped the balance to Trump ( News, 11 November 2016 ).
The question was why. Why did the white working-class vote for Republicans, the party of plutocrats, against their own economic interests?The received view is that they were duped by […]
In 1940, 92 percent of kids in America could grow up to do better than their parents, economically-speaking. Today, that’s just 50 percent. The American Dream, in other words, comes down to a coin toss. This issue, it turns out, really comes down to the neighborhood inequalities.
“While this is a daunting national trend, its roots are really at the local level,”says Raj Chetty, an economist at Stanford University, speaking at CityLab Paris , an annual convening of city leaders. And because each locale has its own constellation of problems dragging down its residents, solutions need to be data-driven and […]
Our first finding is that wealth inequality has a negative, statistically significant relationship with economic growth, while the effect of income inequality is insignificant or only borderline significant, and the effect of poverty is statistically insignificant in nearly all specifications. Hence, using an encompassing model, we show that in head-on comparisons it is wealth inequality, rather than income inequality or poverty, that is significantly related to economic growth. Does Wealth Inequality Matter for Growth? The Effect of Billionaire Wealth, Income Distribution, and Poverty
(that must have been hard for them to admit)
Also of note: […]
Hide caption An exhaustive analysis of emerging trends in the real estate market indicates prosperity for the industry will continue for the foreseeable future — with a caveat. Prudence on investments ranks high after the housing bust a decade ago.
The report, “Emerging Trends in Real Estate 2018,” by the Urban Land Institute and PricewaterhouseCoopers, updates previous in-depth studies based on myriad interviews, surveys and focus groups of knowledgeable industry insiders. Recently released, the 39th edition lists all the respondents across seven pages, an impressive indication of the depth of the research.
One major takeaway besides a solid performance in the […]
A new report on spiraling inequality in America is even more concerning given what the Paradise Papers showed us about how good rich people are at hiding money.
Nov 9 2017, 6:03am Photo via Shutterstock/Image by Lia KantrowitzSix years after Occupy Wall Street got many of us talking, however briefly, about the yawning gap between rich and poor, economic inequality still propels American life. Donald Trump became president in part because he spoke to the large number of white Americans who felt economically and culturally adrift—and believed an out-of-touch elite was screwing them over. Of course, […]
Harvard University campus (Elise Amendola/AP) Like many others, we have closely followed and admired the important work of a former Harvard colleague, Raj Chetty. With access to millions of anonymous tax records, Chetty and his team at the Equality of Opportunity Project have powerfully confirmed what many have long feared about declining upward mobility in America.
Chetty’s new insights about the role of U.S. colleges and universities as engines for intergenerational mobility should be considered especially relevant for us here at Harvard and places like it. The team’s latest working paper , released alongside a set of publicly available mobility […]