SOC 101- Lecture 16

SOC 101- Lecture 16 - Lecture 16 Sociology of Inequality...

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Lecture 16 Sociology of Inequality Trends in US Inequality Post-war period (1947-1973) ”a rising tide lifts all boats” working and middle class families benefited disproportionately compared to upper class Recent decades (1973- present) ”a rising tide lifts all yachts” rich have benefitd disproportionately recently Graph- Annual Growth Rate of Real Income Across the US Family Income Distribution From 1947 to 1973, all groups benefited roughly the same amount Lowest fifth real income grew faster than highest fifth From 1974 to 2005, highest fifth real income grew much faster For median family income by quintile, income distribution was at first relatively compressed but higher end diverged recently Average worker is making a little more than 30 years ago But CEO incomes have risen dramtically from 39 times that of the average worker to a 1000 times But CEOs may deserve more, as it takes a high cost to attract them to run companies Davis and Moore (1945)
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SOC 101- Lecture 16 - Lecture 16 Sociology of Inequality...

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