Tag Archives: wealth

How the middle class hoards wealth and opportunity for itself


American society is dominated by an upper-class 20% that ruthlessly protects its own interests When I was growing up, my mother would sometimes threaten my brother and me with electrocution. Well, thats not quite right. In fact, security threats was of lessons in elocution, but we wittily, we guessed renamed them.

Growing up in a very ordinary township simply north of London and attending a very ordinary high school, one of our several linguistic atrocities was failing to pronounce the t in certain words. My mom, who was raised in rural north Wales and left school at 16, did not […]

How the middle class hoards wealth and opportunity for itself


When I was growing up, my mother would sometimes threaten my brother and me with electrocution. Well, that’s not quite right. In fact, the threat was of lessons in elocution, but we – wittily, we thought – renamed them.

Growing up in a very ordinary town just north of London and attending a very ordinary high school, one of our several linguistic atrocities was failing to pronounce the “t” in certain words. My mother, who was raised in rural north Wales and left school at 16, did not want us to find doors closed in a class-sensitive society simply because […]

Americans Are Pretty Skeptical That Hard Work Will Pay Off


Hard work is often touted as the key American virtue that leads to success and opportunity. And there’s lots of evidence to suggest that workers buy into the belief: For example, a recent study found that Americans work 25 percent more hours than Europeans, and that U.S. workers tend to take fewer vacation days and retire later in life. But for many, simply working hard doesn’t actually lead to a better life.

In the past, economists have acknowledged that citing hard work as the path to prosperity is overly simplistic and optimistic . Ultimately, whether hard work alone can lift […]

Intergenerational mobility and preferences for redistribution


Summary:
Americans are generally thought to view the economic system as fair and see wealth as a reward for ability and effort, while Europeans tend to believe that the economic system is unfair, and that wealth is the result of circumstances. This column tests this using new evidence on beliefs about intergenerational mobility in four European countries and the US, and confirms that Europeans do indeed tend to be overly pessimistic about moving up the social ladder compared to reality, while Americans are overly optimistic. These perceptions have important implications for how redistribution and equal opportunity policies will […]

Inequity, iniquity amid rising income inequality


Acute income and economic inequality, the negative phenomenon spawned by neoliberal economics, continues to widen worldwide. Wealth gets concentrated, in scandalous scale, in the hands of the few super-rich, depriving billions of the poor all over the world sufficient means to survive.

World Bank-International Monetary Fund designed policies/programs pursued by governments to achieve “sustainable and inclusive growth” have failed to stop, much less reverse the trend.

Meanwhile, the old problems of social inequity and iniquity continue to burden the people in practically every country – whether “developed,” “developing,” or “underdeveloped.”Let’s look at some instances on the continuing inequity and iniquity in […]

South Asian Americans & The Politics of Class & Income Inequality

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Sarah Madha shares a one-bedroom space with her mom and four siblings. Although it can be stressful, and for an outsider, seem unimaginable, Madha explains, “We always grew up sharing space, so we managed to make it work.”

Madha, who worked four jobs while in college, accepted that for her to keep moving forward she couldn’t dwell on her situation. Instead, her family has to constantly find ways to make ends meet.

“There isn’t time to have a special crisis about it,” she said, “If you don’t figure it out, you will end up homeless. If you don’t do it, you […]

Free exchangeClimate change and inequality


ON JULY 12, the Larsen C ice shelf in Antarctica disgorged a chunk of ice the size of Delaware, a small state on America’s east coast. America’s government seems unfazed by the possibility that such shifts might one day threaten Delaware itself. Its climate defiance grows not only from the power of its fossil-fuel industry and the scepticism of the Republican party, but also from a sense of insulation from the costs of global warming. This confidence is misplaced. New research indicates not only that climate change will impose heavy costs on the American economy, but also that it […]

No, iPhones Aren’t Luxury Items. They’re Economic Necessities


Apple To make it in America, you have to hustle. Fast-food worker or CEO, Uber driver or student, you have to stay connected in an economy built on the assumption that anyone is always reachable anywhere. In 2017, that means you need a smartphone.

When Apple released the iPhone in 2007, the world understood it as a gadget, a novelty, a cool thing you plunked down a handful of cash for if you were lucky enough to have the money. Then you just needed to figure out what to do with it. At first the answer was: play games and […]

New Data on Wealth Mobility and Their Impact on Models of Inequality

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Using data on families’ wealth over time, we calculate changes in relative wealth mobility; that is, how likely families are to move up or down the wealth distribution, relative to one another. We find families have become less likely to change their position in the wealth distribution over time, and those that do move are less likely to go very far. We also look at the savings behaviors that are associated with more mobile families and find that families that make large movements through the wealth distribution appear to be more likely to own some form of a risky […]

Income Inequality Research Paper


Income Inequality research paper Professional Custom

Regional Quantitative Analysis Research Group. Top Income Inequality in the 21st Century. Cautionary Notes Fatih Guvenen, Greg Kaplan. NBER Working Paper No. A Contextual Analysis Jimmy Szewczyk Honors Thesis POLS. Szewczyk 1 The Effects of Income Inequality on. Political Participation. It is an important indicator of equity in an economy, and has implications for. NBER Working Paper No. Assortative Mating and Income. Although theoretical models make distinct predictions about the relation between finance and income inequality, little empirical research has been. Inequality and Poverty from Anti Essays, your source for research papers, […]