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Innovative societies must have equality of opportunity

The current tax bill is largely motivated by the theory that if you give tax cuts to successful rich people, even though it increases inequality, it will be worth it because these elites will create jobs through innovation with the

Posted in Inequality, Public Finance

Money can’t buy you love, but can it buy you life?

Raj Chetty et al. published a study of the correlation of class and life expectancy that got a lot of press, but I hadn’t actually looked at the original publication until this week. Here is the correlation between life expectancy

Posted in Health, Inequality, Medianism, Public Finance

Inequality in South Africa and Ukraine

Consider the economic wellbeing of South Africa and Ukraine in 2003. South Africa’s mean income at $10,400 was 67% higher than Ukraine’s at only $6,220 but Ukraine’s life expectancy was 67.4 years which is 25% higher than in South Africa at 53.7

Posted in Inequality, Medianism

A new indicator of economic development: How many years would you work to buy your life?

Although most people find it distasteful to put a dollar value on human life, people have been doing it for centuries and these judgements have always had a big impact on people.   Before the 1960s, the motivation for putting an

Posted in Development, Health, Inequality, Medianism, MELI & Econ Stats, Public Finance

Median individual income is still fairly stagnant, particularly for men.

The Census just announced a historically rapid rise in median household income which is cause for celebration, but the reason why it rose is a bit less heartening.  Basically, households are working more hours.  The median earnings of individuals is still somewhat stagnant:

Posted in Inequality, Medianism

Why is Trump’s America upset?

Charles Murray recently wrote a Wall Street Journal essay arguing that, “Trumpism is an expression of the legitimate anger that many Americans feel about the course that the country has taken.”  In particular, he says that increasing inequality since the 1970s has caused white

Posted in Inequality, Public Finance

Inequality decimates the heroes of the cult of the entrepreneur

Webster has two definitions of ‘entrepreneur’.  The first definition is “a person who starts a business and is willing to risk loss in order to make money.” By this definition, high inequality creates a lot of entrepreneurs. Extremely poor people

Posted in Development, Inequality, Managerial Micro

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