Tagged: income inequality

On the link between US pay and productivity - The Dismal Science

Paul Walker Feb 26, 2018

From VoxEU.org comes a column by Anna Stansbury and Lawrence Summers on the relationship between pay and productivity in the US. Since 1973, there has been divergence between labour productivity and the typical worker’s pay in the US as productivity has continued to grow strongly and growth in average compensation has slowed substantially. This … Read More

Christmas reading: McCloskey on Piketty - The Dismal Science

James Zuccollo Dec 25, 2014

It’s taken me a month to read it but Deirdre McCloskey’s essay on Piketty’s Capital is just as persuasive as you’d expect. Print it and read it with your family over Christmas! The review doesn’t break any new ground but it is eloquent and engaging. Her central themes are: The Industrial Revolution and Great Enrichment […] … Read More

What is a Gini? - The Dismal Science

Matt Nolan Jul 21, 2014

Everywhere we turn nowadays people are talking about Ginis.  And sadly, they are not misspelling Genie, they are talking about Gini coefficients. The reason for this interest in Gini coefficient stems from the fact they are used to measure “inequality” in an income distribution – with books such as the Spirit Level made hay discussing […] … Read More

How much would carbon policies hurt? - The Dismal Science

Bill Kaye-Blake Jun 10, 2014

We’ve been talking about carbon policies to address climate change for years — the Kyoto Protocol was agreed in 1997 — but carbon emissions keep increasing. The recent news about the West Antarctic Ice Sheet seems to confirm that climate change and sea level rise are coming, ready or not. Policies are not biting enough to […] … Read More

Can physicists please look at a basic textbook before releasing these things - The Dismal Science

Matt Nolan Jun 03, 2014

FFS, this is probably the worst example of a physicist treating economists like idiots, and saying something both meaningless and already known, that I’ve seen for a while (via Marginal Revolution). The basic inequality that plagues economies the world over may have a simple explanation—at least, according to physicists who’ve turned to economics. Simple explanation […] … Read More

The housing bubble: Why implicit insurance may well be the real driver of Piketty’s concerns - The Dismal Science

Matt Nolan May 13, 2014

Alex Tabarrok at Marginal Revolution points out that, without the run up in house prices, we do not get Piketty’s trend of rising capital to output ratios in the data.  This is very true, and was one of the key reasons why I wasn’t convinced that Piketty’s explanation of his data was the best available. Now […] … Read More

Quote of the Day: Kolm on inequality - The Dismal Science

Matt Nolan Apr 29, 2014

One of the forefathers of modern income inequality analysis, Serge-Christophe Kolm, started one of his most famous papers (REPEC) in the following way: Many people consider the reduction of economic inequalites as a basic aim of society. Such ideas are, however, largely nonoperational, sterile, and even meaningless, as long as what is called inequality is not […] … Read More