inspiral + incomeinequality   88

The cost of studying the arts at Oxbridge - British universities
Many gifted arts students would struggle to crunch numbers. But for those who can excel at both, the cost of sticking with the arts, in terms of forgone wages, is steep. Cambridge creative-arts students have a-level scores close to those of economics students at Warwick, but earn about half as much. That is tantamount to giving up an annuity worth £500,000.
Cambridge  Oxford  Oxbridge  education  university  income  incomeinequality  UK  Economist  2019 
12 weeks ago by inspiral
Why Puffer Jackets Are at the Centre of Korea’s Class Divide | Global Currents | BoF
While the explosive popularity of puffer jackets is a boon for outerwear brands like The North Face and Moncler, the trend highlights some uncomfortable truths about South Korean society.
fashion  pufferjacket  incomeinequality  conformism  SouthKorea  BusinessofFashion  2018 
december 2018 by inspiral
Higher Estate Taxes Can Prevent a Nation of Dynasties - Bloomberg
But inherited wealth means that wins and losses aren’t so temporary. Unlike income, wealth is easy to pass on to your descendants — you just sign it over in your will. Even if heirs make bad financial decisions and spend down their fortunes over time, inheritances can lead to inequality that persists for generations. And if heirs squirrel away the money in well-diversified portfolios of stocks and real estate, wealth inequality may actually be self-reinforcing.
inheritance  incomeinequality  socialmobility  politics  estatetax  DonaldTrump  USA  author:NoahSmith  Bloomberg  2018 
november 2018 by inspiral
Economic Brief, October 2018, No. 18-10 - Federal Reserve Bank of Richmond
Inequality in the United States has an important spatial component. More-skilled workers tend to live in larger cities where they earn higher wages. Less-skilled workers make lower wages and do not experience similar gains even when they live in those cities. This dynamic implies that larger cities are also more unequal. These relationships appear to have become more pronounced as inequality has increased. The evidence points to externalities among high-skilled workers as a significant contributor to those patterns.
cities  income  incomeinequality  size  population  USA  research  FederalReserveBankofRichmond  2018 
october 2018 by inspiral
What people miss about the gender wage gap - YouTube
It's more complex than women earning 79 cents for every dollar a man makes.
gender  women  incomeinequality  review  Vox  Youtube  2016 
february 2018 by inspiral
Forgotten America Can Still Be Saved - Bloomberg
But according to a new study by Ohio State’s Mark Partridge and Alexandra Tsvetkova presented at the American Economic Association meeting earlier this month, convergence actually stopped and went into reverse sometime between the 1970s and the 1990s. The disparities in state income levels are now substantially wider than they were four decades ago, while the differences between counties have increased by a modest amount.

Economic divergence presents a big problem for policy makers, who have to decide how much to bolster struggling places versus how much to help people move to places with faster growth. That in turn creates a coordination problem, since policy often gets made at the state and local level.
inequality  incomeinequality  geography  education  socialcapital  flexibility  USA  author:NoahSmith  Bloomberg  2018 
january 2018 by inspiral
Land Is Underrated as a Source of Wealth - Bloomberg
But even with somewhat different numbers, the broad lesson would be clear -- over the long term, housing has been a great investment. That doesn’t mean that investors should ditch their stocks and run out to buy houses -- liquidity is a real issue, property taxes are substantial and it’s harder to diversify a real estate portfolio than a stock portfolio. But it does mean that a wise investor should diversify into land by buying things like real estate investment trusts.

The more important implication, however, is for inequality. To some degree, housing acts as an equalizer between the rich and the middle-class, since the latter puts more of its wealth into real estate by virtue of buying homes. But many big landlords are very rich. And homeownership is a way that the middle class and upper-middle class pull away from the working class and poor, a larger portion of which can't afford to buy and must rent. The ownership disparity is also responsible for a big share of the racial wealth gap. As economist Matt Rognlie has found, the return to land is responsible for the lion’s share of the increase in wealth inequality documented by French economist Thomas Piketty.

So in order to address wealth inequality, it’s important to focus on land. Even after the rise of the modern corporate economy, unequal ownership of the most basic and ancient asset of them all is still creating big divisions in our society.
property  investment  realestate  advocacy  wealth  incomeinequality  author:NoahSmith  Bloomberg  2018 
january 2018 by inspiral
Millennials Are Screwed - The Huffington Post
All of these trends—the cost of education, the rise of contracting, the barriers to skilled occupations—add up to an economy that has deliberately shifted the risk of economic recession and industry disruption away from companies and onto individuals. For our parents, a job was a guarantee of a secure adulthood. For us, it is a gamble. And if we suffer a setback along the way, there’s so little to keep us from sliding into disaster.
Millennials  finance  decline  insecurity  employment  casualisation  uncertainty  poverty  healthcare  incomeinequality  inequality  racism  retirement  housing  regulations  zoning  USA  HuffingtonPost  Highline  2017 
december 2017 by inspiral
To Understand Rising Inequality, Consider the Janitors at Two Top Companies, Then and Now - The New York Times
In part, fewer of these kinds of workers are needed in an era when software plays such a big role. The lines of code that make an iPhone’s camera work can be created once, then instantly transmitted across the globe, whereas each roll of film had to be manufactured and physically shipped. And companies face brutal global competition; if they don’t keep their work force lean, they risk losing to a competitor that does.

But major companies have also chosen to bifurcate their work force, contracting out much of the labor that goes into their products to other companies, which compete by lowering costs. It’s not just janitors and security guards. In Silicon Valley, the people who test operating systems for bugs, review social media posts that may violate guidelines, and screen thousands of job applications are unlikely to receive a paycheck directly from the company they are ultimately working for.
employment  outsourcing  incomeinequality  bifurcation  Kodak  Apple  personalaccount  insecurity  income  USA  NYTimes  2017 
september 2017 by inspiral
Examining an elephant: globalisation and the lower middle class of the rich world - Resolution Foundation
The ‘elephant curve’ created by Branko Milanovic and Christoph Lakner – and described as “the most powerful chart of the last decade” – has been used to help describe what has happened in the “high globalisation” period of 1988-2008. It suggests very strong growth for the global middle class (such as China’s population); apparent near-stagnation for the “lower middle class of the rich world”; and much stronger growth for the global top 1 per cent. But there is a risk of misunderstanding or over-extrapolating from this work.
A deep exploration of the data behind the elephant curve and the reasons for its characteristic shape show that the average incomes of the lower and middle classes of rich Western countries have not in general stagnated over this period, though the US has experienced particularly unequal growth.
There is however a large variation between mature economies, suggesting we should be cautious about assuming that global forces mean the level of income growth for the lower middle class of the rich world is inevitable or that domestic policy choices do not play a big role.
Globalisation undoubtedly creates challenges as well as opportunities, with international competition creating some losers at local, sectoral and individual levels. But those striving for more inclusive growth have a much harder task than simply preventing or reversing globalisation, given the demonstrable importance of domestic policy areas such as welfare policy, housing costs and economic stability.
globalisation  incomeinequality  research  review  middleclass  lowermiddleclass  inequality  critique  ResolutionFoundation  2016 
september 2016 by inspiral
Globalisation ‘not to blame’ for income woes, study says — FT.com
“Globalisation is not to blame for all the ills of the world,” Torsten Bell, director of the Resolution Foundation, said. “Although globalisation brings a range of challenges for lower income families, we need to be clear that weak income growth generally is rooted in domestic policy, and blaming globalisation takes the pressure off governments.”

The Resolution Foundation’s analysis suggests that the fate of lower middle class incomes has differed greatly country by country, and even with a rise in inequality in many places the rich world’s lower middle classes have not fared badly.
incomeinequality  income  globalisation  middleclass  lowermiddleclass  USA  China  research  ResolutionFoundation  FinancialTimes  2016 
september 2016 by inspiral
The greatest reshuffle of individual incomes since the Industrial Revolution | VOX, CEPR’s Policy Portal
The effects of of globalisation on income distributions in rich countries have been studied extensively. This column takes a different approach by looking at developments in global incomes from 1988 to 2008. Large real income gains have been made by people around the median of the global income distribution and by those in the global top 1%.  However, there has been an absence of real income growth for people around the 80-85th percentiles of the global distribution, a group consisting of people in ‘old rich’ OECD countries who are in the lower halves of their countries’ income distributions.
income  incomeinequality  trends  growth  decline  research  author:BrankoMilanovic  CEPR  2016 
august 2016 by inspiral
San Francisco Torn as Some See ‘Street Behavior’ Worsen - The New York Times
The city, known for a political tradition of empathy for the downtrodden, is now divided over whether to respond with more muscular law enforcement or stick to its forgiving attitudes.

The Chamber of Commerce and the tourist board are calling for harsher measures to improve what is euphemistically called the “condition of the streets,” a term that encompasses the intractable homeless problem, public intravenous drug use, the large population of mentally ill people on the streets and aggressive panhandling. The chamber recently released the results of an opinion poll that showed that homelessness and “street behavior” were the primary concerns of residents here.
SanFrancisco  crime  police  politics  review  incomeinequality  NYTimes  2016 
august 2016 by inspiral
Tim Harford — Article — Metropolitan myths that led to Brexit
The Eurosceptic myths that fuelled hostility to the EU are obvious enough. We were told that the NHS was being destroyed by immigration, when more than a third of UK-based doctors qualified overseas. We were told that the EU is a fat bureaucracy, when it employs about as many people as Lancashire County Council. And we were told that the UK was being buried in red tape, when the OECD reckons it is one of the least regulated economies in the developed world.

It is easy (and useless) to sneer. Yet the metropolitan elite that voted so enthusiastically to remain cherishes its own myths, and those myths did plenty to undermine the cause of remaining in the EU.

Here are four tenets of the trendy centre-left of British politics: first, soaring inequality means that ordinary people haven’t shared in the benefits of economic growth; second, rich people and big companies don’t pay taxes; third, gross domestic product (GDP) is a statistic that misses what really counts; and finally, economists are reliably wrong. Flip through The Guardian, browse the popular economics books in your local bookshop, and tell me that these ideas aren’t taken for granted among the chattering classes.
incomeinequality  taxation  GDP  economics  review  critique  author:TimHarford  TimHarford  2016 
july 2016 by inspiral
Brexit must not risk what Britain is best at — FT.com
With emotions running high and UK politics in turmoil, it will not be easy for anyone to ease the self-inflicted crisis. But here is a piece of advice for the next prime minister: before you do irreparable damage to economic growth, read some history and reflect very, very carefully.
EuropeanUnion  economy  UK  impact  services  Brexit  critique  incomeinequality  FinancialTimes  2016 
june 2016 by inspiral
There's Great News on Inequality and Poverty - Bloomberg View
anders’ concern for the world’s poorest people is laudable. The task of saving humanity from deprivation is arguably the central quest of human history. But Sanders’ facts are a bit out of date. During the past two decades, the global economy has been great for the world’s poor. Across most of the developing world, the have-nots have a lot more than before.
income  incomeinequality  development  developedworld  global  China  India  advocacy  OurWorldInData  author:NoahSmith  Bloomberg  2016 
june 2016 by inspiral
Basic Income: A Sellout of the American Dream
Proponents say a basic income is a way to liberate those who have struggled to find acceptable work: currently 7.4 million people are unemployed in the United States, another six million want full-time work but can only find part-time jobs, millions more have given up looking, and perhaps tens of millions have settled for jobs with low wages, skimpy benefits, or poor working conditions. But it can also be argued that the idea is a way of buying these people off, making it easier to avoid developing the education and training programs that would actually help alleviate income inequality and reverse wage stagnation. Could it just be a way to give up on providing the wide access to decent jobs that has long been considered an essential element of a healthy society? Or, to put it more bluntly: at a time when the tech economy is generating huge amounts of wealth, is Silicon Valley just attempting to appease those left behind?
guaranteedbasicincome  employment  income  incomeinequality  review  impact  incentives  YCombinator  research  consumer  TechnologyReview  2016 
june 2016 by inspiral
The Anti-Imperial Emperor | The Baffler
Indeed, down here this seems like an especially odd moment for the United States to complain. China is again an exception, but in developing countries, globalization often meant giving up on financial controls and the long-held dream of producing anything more advanced than raw materials. The logic of comparative advantage dictated that from South America to South Africa, poorer countries would either rip stuff out of the Earth and sell it abroad, or allow their people to provide cheap labor.
freetrade  protectionism  incomeinequality  inequality  developingworld  DonaldTrump  BernieSanders  USA  TheBaffler  2016 
june 2016 by inspiral
This cartoon explains how the rich got rich and the poor got poor - Vox
You can see lots of discussion and debate and political fighting over who has wealth in America, and whether that should change. Or, you can look at the the cartoon below to understand how the distribution of wealth has changed in America, and why.
income  incomeinequality  trends  taxation  education  politics  USA  Vox  2016 
may 2016 by inspiral
Corporate Inequality Is the Defining Fact of Business Today
Perhaps the most overlooked aspect of economic inequality has been the role that firms play in it.

The best-performing companies seem to be pulling away from the rest, according to a growing body of research, and that fact explains a large part of the growth in inequality between individuals. The result, at least in developed nations, is a highly unequal corporate landscape, where some firms are incredibly productive and the amount of money a person makes is tied to the company they work for, not just the job that they do.
business  income  incomeinequality  bifurcation  performance  review  HBRBlog  2016 
may 2016 by inspiral
The middle class is shrinking just about everywhere in America - The Washington Post
The great shrinking of the middle class that has captured the attention of the nation is not only playing out in troubled regions like the Rust Belt, Appalachia and the Deep South, but in just about every metropolitan area in America, according to a major new analysis by the Pew Research Center.

Pew reported in December that a clear majority of American adults no longer live in the middle class, a demographic reality shaped by decades of widening inequality, declining industry and the erosion of financial stability and family-wage jobs. But while much of the attention has focused on communities hardest hit by economic declines, the new Pew data, based on metro-level income data since 2000, show that middle-class stagnation is a far broader phenomenon.
middleclass  decline  incomeinequality  review  USA  PewResearch  WashingtonPost  2016 
may 2016 by inspiral
The middle class is shrinking almost everywhere - Marginal REVOLUTION
The decline of the American middle class is “a pervasive local phenomenon,” according to Pew, which analyzed census and American Community Survey data in 229 metros across the country, encompassing about three-quarters of the U.S. population. In 203 of those metros, the share of adults in middle-income households fell from 2000 to 2014.

On the average is over front, there is also this:

In total, 172 of these 229 metros saw a growing share of households in the upper-income tier. About as many — 160 — saw a growing share at the bottom. And 108 experienced both: The middle class shrank as the ranks of both the poor and the rich grew.

Here is more from Wonkblog on the new Pew study.  The decline in the middle class is typically strongest in areas where manufacturing used to be strong.

This used to be a debate, but the funny thing is the nomination of Trump has sealed it for the more pessimistic side.  That is unfair, actually, though I think the pessimistic side is correct nonetheless.
middleclass  decline  incomeinequality  review  USA  PewResearch  author:TylerCowen  MarginalRevolution  2016 
may 2016 by inspiral
US wealth inequality: Quantifying the driving factors | VOX, CEPR’s Policy Portal
Recent decades have seen a remarkable increase in the concentration of wealth in the hands of the wealthiest in the US. This column examines which factors may have driven this increase. The evidence points to higher wage inequality, often attributed to new developments in the technology of production, as the main driving force, followed by tax cuts for top earners and more generous public transfers as secondary factors.
income  wealth  incomeinequality  review  research  growth  USA  CEPR  2016 
april 2016 by inspiral
Mocked and forgotten: who will speak for the American white working class? | US news | The Guardian
When you listen to poor people who work with their hands, you hear a uniform frustration and a constant anxiety – but it’s not just about economic issues
DonaldTrump  politics  white  racism  socialclass  bifurcation  incomeinequality  decline  USA  Guardian  2016 
april 2016 by inspiral
Brazil Is Engulfed by Ruling Class Corruption — and a Dangerous Subversion of Democracy
Corruption among Brazil’s political class — including the top levels of the PT — is real and substantial. But Brazil’s plutocrats, their media, and the upper and middle classes are glaringly exploiting this corruption scandal to achieve what they have failed for years to accomplish democratically: the removal of PT from power.
Brazil  politics  corruption  PT  review  incomeinequality  critique  TheIntercept  2016 
march 2016 by inspiral
Silicon Valley’s Unchecked Arrogance — The Development Set — Medium
We need to figure out how to make the system work for everyone in the face of technological changes. We need policymakers to incentivize regional and industry diversity in our innovation, and entrepreneurs to focus on the larger, thornier questions related to building businesses that share the wealth better among those who create them — not design a system to spread the crumbs a little better.
How do we change ownership structures to prevent Snapchat, Instagram, and Whatsapp from distributing billion-dollar windfalls among only a couple dozen people? How can we enable great people, regardless of zip code, to solve messy societal problems? To us, these feel like much more constructive approaches than calculating the minimum income required to eliminate “the fear of not being able to eat.”
startup  SiliconValley  critique  wealth  incomeinequality  universalincome  author:RossBaird  author:LennyMendonca  TheDevelopmentSet  Medium  2016 
march 2016 by inspiral
Tim Harford — Article — The lost leisure time of our lives
The gap between the growth of the economy and the growth of median household incomes is explained by a patchwork of factors, including a change in the nature of households themselves, with more income being diverted to healthcare costs, and an increasing share of income accruing to the highest earners. In short, perhaps progress towards the 15-hour work week has stalled because the typical US household’s income has stalled too. Household incomes started to stagnate at the same time as the work week stopped shrinking.
employment  workinghours  income  incomeinequality  review  author:TimHarford  TimHarford  2016 
march 2016 by inspiral
Revealed: the 30-year economic betrayal dragging down Generation Y’s income | World news | The Guardian
The full scale of the financial rout facing millennials is revealed today in exclusive new data that points to a perfect storm of factors besetting an entire generation of young adults around the world.

A combination of debt, joblessness, globalisation, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.

A Guardian investigation into the prospects of millennials – those born between 1980 and the mid-90s, and often otherwise known as Generation Y – has found they are increasingly being cut out of the wealth generated in western societies.

Where 30 years ago young adults used to earn more than national averages, now in many countries they have slumped to earning as much as 20% below their average compatriot. Pensioners by comparison have seen income soar.
Millennials  income  incomeinequality  demographics  youngadults  critique  review  inequality  Australia  Italy  Spain  USA  France  Canada  UK  LuxembourgIncomeStudy  Guardian  2016 
march 2016 by inspiral
A 26-year-old MIT graduate is turning heads over his theory that income inequality is actually… — The Ferenstein Wire — Medium
Rognlie’s blockbuster rebuttal to Piketty is that “recent trends in both capital wealth and income are driven almost entirely by housing.” Software, robots, and other modern investments all depreciate in price as fast as the iPod. Technology doesn’t hold value like it used to, so it’s misleading to believe that investments in capital now will give rich folks a long-term advantage.
Land/housing is really one of the only investments that give wealthy people a long-term leg up. According to the Economist, this changes how we should rethink policy related to income inequality.
Rather than taxing businesses and wealthy investors, “policy-makers should deal with the planning regulations and NIMBYism that inhibit housebuilding and which allow homeowners to capture super-normal returns on their investments.” In other words, the government should focus more on housing policy and less on taxing the wealthy, if it wants to properly deal with the inequality problem.
income  incomeinequality  housing  author:GregFerenstein  Medium  2016 
february 2016 by inspiral
Income inequality: poverty falling faster than ever but the 1% are racing ahead | News | The Guardian
Is the gap between rich and poor widening? It’s not as simple as that, says Dr Max Roser, from the Institute for New Economic Thinking
income  incomeinequality  review  USA  UK  Canada  Ireland  Australia  Germany  Japan  France  Sweden  Denmark  Netherlands  global  comparison  Infographic  author:MaxRoser  Guardian  2016 
february 2016 by inspiral
Rich Kids Stay Rich, Poor Kids Stay Poor | FiveThirtyEight
On Friday, a team of researchers led by Stanford economist Raj Chetty released a paper on how growing up in poverty affects boys and girls differently. Their core finding: Boys who grow up in poor families fare substantially worse in adulthood, in terms of employment and earnings, than girls who grow up in the same circumstances. (The Washington Post has a good write-up of the paper and its implications.)

But beyond its immediate conclusions, the paper, like much of Chetty’s recent work as part of his Equality of Opportunity Project, points to a deeper truth: In the U.S., where you come from — where you grow up, how much your parents earn, whether your parents were married — plays a major role in determining where you will end up later in life.
income  incomeinequality  intergenerationalequity  research  Stanford  review  USA  FiveThirtyEight  2016 
february 2016 by inspiral
Why are Americans so angry? - BBC News
Americans are generally known for having a positive outlook on life, but with the countdown for November's presidential election now well under way, polls show voters are angry. This may explain the success of non-mainstream candidates such as Republican Donald Trump and Democrat Bernie Sanders. But what is fuelling the frustration?
politics  incomeinequality  immigration  trust  polarisation  USA  BBC  2016 
february 2016 by inspiral
What Paul Graham Is Missing About Inequality — What’s The Future of Work? — Medium
Before he published his essay on inequality, Paul Graham sent it to me for comment. I sent him some quick impressions and promised a more detailed critique later. I didn’t provide those more detailed comments before Paul published his piece, which I regret. It is good that Paul is wrestling with the question of income inequality, as Silicon Valley as a whole should be.
I think Paul’s analysis is wrong on several levels, though, and it’s important to understand why. The growth of income inequality is such an important conversation to frame properly! We have to understand what’s wrong with the world as it is, because only then can we envision the world we want to create, and think about how to get there.
There are many people who blame technology for increasing income inequality. Paul’s defense of technology (which he frames as “startups”) is that it creates wealth for all, even as (he claims) it creates inequality. I agree with him that technology can make us all richer, but I disagree that it necessarily creates greater inequality, even if some startup founders become very rich. It only does that if companies don’t create real value in return for that wealth.
In addition, I think we need to take a closer look at how one of Silicon Valley’s most treasured tools for creating wealth for employees — the stock option — has played an unexpected role in increasing income inequality.
On a long flight back from Europe, I decided to intersperse more detailed comments into Paul’s essay, as I might have sent detailed feedback and suggested emendations to an author writing a book for O’Reilly Media. I realize it’s an unusual way to respond — to actually take someone else’s words and extend them with my own, but it seemed preferable to the usual quote and respond style.
incomeinequality  inequality  review  PaulGraham  financialservices  critique  author:TimOReilly  Medium  2016 
january 2016 by inspiral
Income Inequality Makes Whole Countries Less Happy
Most talk of income inequality focuses on the problems of the very poor or the broader socioeconomic implications of rising inequality. What is less well-known is that income inequality makes us all less happy with our lives, even if we’re relatively well-off.
incomeinequality  happiness  research  correlation  country  comparison  HBRBlog  2016 
january 2016 by inspiral
Streaming is making the music industry more unequal | The Verge
This was the year in which the gap between the world’s biggest artists and its version of blue-collar workers — the difference between Adele and your favorite indie rock band, basically — became really striking. It was also the year music streaming took off, and you can bet the two are related. Spotify increased its user base, Apple joined the race, YouTube launched a paid service, and Tidal… tried its best. The problem is that all of these services are contributing to a system that only really works at scale.
music  streamingmedia  Spotify  Vevo  Youtube  incomeinequality  critique  musician  TheVerge  2015 
december 2015 by inspiral
Most Americans Aren’t Middle Class Anymore | FiveThirtyEight
First of all, it’s important to note that the middle class is shrinking not just because more people are poor but also because more people are rich. The share of Americans that are in high-earning households, those with more than double the median income, has grown by seven percentage points since 1971. The share of low earners, those earning less than two-thirds the median, has grown just four percentage points. In fact, what Pew calls the “hollowing of the American middle class” is even starker than that: Most of the growth has come at the extreme bottom and top of the income spectrum. In other words, the shrinking of the middle class is less about decline than polarization.
income  incomeinequality  socialclass  middleclass  education  ethnicity  USA  PewResearch  FiveThirtyEight  2015 
december 2015 by inspiral
Europe's Cities Are Suffering From Economic Segregation and Inequality Too - CityLab
Americans are well aware of the growing economic inequality playing out in major U.S. cities. So you can forgive them for assuming that things are always much better in European cities, with their larger welfare states and long histories of social democracy. Indeed, my own recent study of the connection between inequality and creativity juxtaposed America’s low-road path—which combines high levels of creativity with high levels of inequality—with the high-road path of Scandinavian and Northern European nations, where high levels of creative competitiveness go along with much lower levels of inequality.

But a new study of 13 leading European cities—London, Amsterdam, Stockholm, Oslo, Vienna, Madrid, Milan, Athens, Budapest, Prague, Riga, Vilnius, and Tallinn—documents a substantial rise in socioeconomic inequality and economic segregation over the past decade or so. The study (part of a broader project on Socio-Economic Segregation in European Capital Cities) tracks socioeconomic inequality and segregation by key markets of socioeconomic class—including income, occupational status, and education—in these cities from 2001 to 2011.
incomeinequality  segregation  cities  Europe  London  Madrid  Tallinn  Riga  Athens  Vilnius  Amsterdam  Vienna  Budapest  Oslo  Prague  Stockholm  CityLab  TheAtlantic  2015 
november 2015 by inspiral
Half of world's wealth now in hands of 1% of population – report | Money | The Guardian
Global inequality is growing, with half the world’s wealth now in the hands of just 1% of the population, according to a new report.

The middle classes have been squeezed at the expense of the very rich, according to research by Credit Suisse, which also finds for the first time that there are more individuals in the middle classes in China – 109m – than the 92m in the US.
wealth  highnetworth  inequality  incomeinequality  growth  research  statistics  UK  USA  China  CreditSuisse  Guardian  2015 
october 2015 by inspiral
Russia: Band of brothers | The Economist
In a pluralistic state, the scandalous, ugly stories about Mr Putin and his associates would bring down the government. In Russia they have had little effect. Part of the reason lies in the Kremlin’s control of television, the main source of information for most Russians. The vast increase in incomes, particularly in large cities, has also made people more tolerant of corruption. It was not just Mr Putin’s cronies who benefited from the rising oil prices. So did those who voted for him. Russia’s aggression in Ukraine and the propaganda that accompanied it struck a chord with people keen for an imperial resurgence. But as the economy slows down and real incomes start to fall, the focus may shift back to the issue that sparked the protest in 2011. If so, the stories that Ms Dawisha tells may start to resonate more loudly.
VladimirPutin  Russia  politics  KarenDawisha  incomeinequality  inequality  Economist  2014 
december 2014 by inspiral
'Billionaires' Book Review: Money Can't Buy Happiness | New Republic
If the Harvard Business School is now making a home for research exposing the folly of a life devoted to endless material ambition, something in the world has changed—or is changing. And I think it is: there is a growing awareness that the yawning gap between rich and poor is no longer a matter of simple justice but also the enemy of economic success and human happiness. It’s not just bad for the poor. It’s also bad for the rich. It’s funny, when you think about it, how many rich people don’t know this. But they are not idiots; they can learn. Many even possess the self-awareness to correct for whatever tricks their brain chemicals seek to play on them; some of them already do it. When you control a lot more than your share of the Fruit Loops, there really isn’t much doubt about what you should do with them, for your own good. You just need to be reminded, loudly and often.
inequality  incomeinequality  wealth  happiness  critique  research  NewRepublic  2014 
november 2014 by inspiral
CEOs Get Paid Too Much, According to Pretty Much Everyone in the World - Gretchen Gavett - Harvard Business Review
In their recent research, scheduled to be published in a forthcoming issue of Perspectives on Psychological Science, Chulalongkorn University’s Sorapop Kiatpongsan and Harvard Business School’s Michael Norton investigate “what size gaps people desire” and whether those gaps are at all consistent among people from different countries and backgrounds.
incomeinequality  inequality  income  CEO  management  critique  Australia  Austria  CzechRepublic  Denmark  France  Germany  Israel  Japan  Norway  Poland  Portugal  Spain  Sweden  Switzerland  UK  USA  HBRBlog  2014 
november 2014 by inspiral
Soak the Rich - The Baffler
This exchange is from a conversation in Paris between David Graeber and Thomas Piketty, discoursing on the deep shit we’re all in and what we might do about climbing out. It was held at the École Normale Supérieure; moderated by Joseph Confavreux and Jade Lindgaard; edited by Edwy Plenel; first published by the French magazine Mediapart last October; and translated from the French for The Baffler by Donald Nicholson-Smith.
ThomasPiketty  DavidGraeber  incomeinequality  inequality  taxation  debt  TheBaffler  2014 
november 2014 by inspiral
What Role Does Technology Play in Record Levels of Income Inequality? | MIT Technology Review
The disparity between the rich and everyone else is larger than ever in the United States and increasing in much of Europe. Why?
technology  innovation  inequality  incomeinequality  ErikBrynjolfsson  ThomasPiketty  economics  education  access  TechnologyReview  2014 
october 2014 by inspiral
What’s the Matter With Connecticut? -- NYMag
In short, Connecticut has somehow managed to become both the richest and worst economy in America. And what’s worse, America has started to look more and more like Connecticut.
Connecticut  economy  inequality  incomeinequality  critique  NYMag  2014 
september 2014 by inspiral
How Much Does the 32nd Player Make in Tennis and Other Sports? - WSJ.com
A look at how the year-to-date earnings for the No. 1 and No. 32 highest earners stack up in tennis — and a selection of other sports. All figures as of Aug. 22, 2014.
income  incomeinequality  sport  golf  tennis  NASCAR  icehockey  football  basketball  baseball  WallStreetJournal  2014 
august 2014 by inspiral
Inequality Is Falling On Planet Earth : Planet Money : NPR
Inequality is rising in the U.S. You know this. As the graph below shows, incomes since 1988 have been flat for poor and middle-class people, and rising for the upper-middle-class and, especially, for the wealthy. A bunch of causes are commonly cited for rising inequality. One is globalization: Competition from foreign workers has kept a lid on wages for low-skilled workers, and added to gains for some at the top of the income ladder. But globalization is also responsible for a decline in worldwide income inequality. In the past few decades, globalization has led to rising incomes for billions of very poor people, mostly in Asia.
income  incomeinequality  inequality  global  USA  comparison  NPR  2014 
august 2014 by inspiral
Income inequality now greater in China than in US | University of Michigan News
Income inequality has been rising rapidly in China and now surpasses that of the U.S. by a large margin, say University of Michigan researchers.
incomeinequality  inequality  China  USA  comparison  UniversityofMichigan  2014 
august 2014 by inspiral
Income Inequality Is Not Rising Globally. It's Falling. - NYTimes.com
Income inequality has surged as a political and economic issue, but the numbers don’t show that inequality is rising from a global perspective. Yes, the problem has become more acute within most individual nations, yet income inequality for the world as a whole has been falling for most of the last 20 years. It’s a fact that hasn’t been noted often enough.
incomeinequality  inequality  global  national  comparison  NYTimes  2014 
july 2014 by inspiral
States with Better 'Business Climates' Also Have Higher Inequality - CityLab
There's a clear connection between economic inequality and low-tax, pro-business policies.
incomeinequality  inequality  growth  economicgrowth  USA  CityLab  2014 
july 2014 by inspiral
Ultra-rich man's letter: "To My Fellow Filthy Rich Americans: The Pitchforks Are Coming"
The oldest and most important conflict in human societies is the battle over the concentration of wealth and power. The folks like us at the top have always told those at the bottom that our respective positions are righteous and good for all. Historically, we called that divine right. Today we have trickle-down economics.
wealthy  highnetworth  inequality  incomeinequality  minimumwage  critique  NickHanauer  TopInfoPost  2014 
july 2014 by inspiral
Lessons from a $110 million penthouse — Medium
It’s a physical manifestation of r>g: the way that the rich get richer, while people who have to work for a living fall further and further behind. Any $110 million apartment, of course, will be emblematic of extreme wealth inequality. But beyond that, the only way for the owner of the building to realize the incredible increase in value that the top floors have seen in recent years was to keep them empty. If you need income, you can’t get the wealth; if you want the wealth, you can’t chase the income.
realestate  wealthy  highnetworth  NewYork  WoolworthBuilding  incomeinequality  inequality  author:FelixSalmon  Medium  2014 
june 2014 by inspiral
Sweden has lots of wealth inequality
Sweden is viewed as an egalitarian utopia by outsiders, but reality is complex. In some ways Sweden has less social equality than the United States. While the American upper class is largely meritocratic, the upper class in Sweden are still mostly defined by birth.
Sweden  wealth  incomeinequality  inequality  socialmobility  critique  MarginalRevolution  2014 
may 2014 by inspiral
Inequality: A Piketty problem? | The Economist
THIS morning, the Financial Times leads with a striking allegation: "Capital in the Twenty-First Century", the bestselling analysis of inequality by economist Thomas Piketty, is fundamentally flawed thanks to errors in the data backing the book. The story is based on work done by Chris Giles, economics editor of the paper. He writes that his interest in the data's veracity was piqued by an apparent large disparity in the figure for the concentration of wealth ownership in Britain used by Mr Piketty and that reported by Britain's Office for National Statistics. In a companion blog post, Mr Giles lays out the charges and concludes, "The conclusions of Capital in the 21st century do not appear to be backed by the book’s own sources." A damning statement, if true. Mr Giles's analysis is impressive, and one certainly hopes that further work by Mr Giles, Mr Piketty or others will clarify whether mistakes have been made, how they came to be introduced and what their effects are. Based on the information Mr Giles has provided so far, however, the analysis does not seem to support many of the allegations made by the FT, or the conclusion that the book's argument is wrong. There are four important questions raised by the FT's work. First, which data are wrong? Second, how did errors in the work, if they are errors, come to be introduced? Third, how do the errors affect the specific points made in the relevant chapters? And fourth, how do the errors affect the fundamental conclusions of the book?
ThomasPiketty  ChrisGiles  incomeinequality  inequality  critique  review  Economist  2014 
may 2014 by inspiral
Is Piketty All Wrong? - NYTimes.com
The point is that Giles is proving too much; if his attempted reworking of Piketty leads to the conclusion that nothing has happened to wealth inequality, what that really shows is that he’s doing something wrong. None of this absolves Piketty from the need to respond to each of the individual questions. But anyone imagining that the whole notion of rising wealth inequality has been refuted is almost surely going to be disappointed.
ThomasPiketty  economics  incomeinequality  inequality  review  USA  author:PaulKrugman  NYTimes  2014 
may 2014 by inspiral
China's Income-Inequality Gap Widens Beyond U.S. Levels - Businessweek
The gap between China’s rich and poor is now one of the world’s highest, surpassing even that in the U.S., according to a report being released this week by researchers at the University of Michigan.
incomeinequality  income  China  critique  BusinessWeek  2014 
may 2014 by inspiral
The Piketty pessimist | Felix Salmon
Which means that my reading of Piketty is ultimately pessimistic. The dynamics of the world economy are bad, and they’re getting worse; inequality is natural in human history, and right now we’re reverting to a state of affairs which is highly unfair but also both sustainable and, in its own way, unsurprising. Piketty has diagnosed a nasty condition. But I don’t think there’s a cure
ThomasPiketty  economics  incomeinequality  inequality  capitalism  critique  author:FelixSalmon  Reuters  2014 
april 2014 by inspiral
Lessons from a rock-star economist - FT.com
But can the American dream now survive a shift towards oligarchy? Can the egalitarian myth still act as a social glue? These are the big questions implicit in his book; and if Piketty’s analysis is correct, they can only become more acute in the coming years as inequality fuels not just more inequality – but greater cognitive dissonance too
ThomasPiketty  incomeinequality  inequality  USA  economics  wealthy  critique  review  FinancialTimes  2014 
april 2014 by inspiral
The short guide to Capital in the 21st Century - Vox
Can you give me Piketty's argument in four bullet points? The ratio of wealth to income is rising in all developed countries. Absent extraordinary interventions, we should expect that trend to continue. If it continues, the future will look like the 19th century, where economic elites have predominantly inherited their wealth rather than working for it. The best solution would be a globally coordinated effort to tax wealth.
incomeinequality  inequality  capitalism  ThomasPiketty  economics  Vox  2014 
april 2014 by inspiral
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