Lecture16_california

Lecture16_california - A longer-run look at inequality Some...

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1 A longer-run look at inequality Some speculative “data” The Kuznets Curve Some measure of Inequality * * * * * * * * * * * * * * * * * Level of Development (e.g., income/capita) Transition from agriculture to industry a. Higher industrial wages (inequality BETWEEN sectors) b. Variation in industrial wages (inequality WITHIN a sector) Government action, esp. provision of education
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2 1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 hypothetical actual Bryce de Tocqueville Kuznets Hypothetical and actual 90/10 ratios (income) Kuznets “Data” for the 19 th century DeTocqueville (1830s) “Nothing struck me more forcibly than the general equality of condition among the people.” “Among a democratic people, where there is no hereditary wealth, every many works to earn a living….Labor is held in honor; the prejudice is not against it but in its favor.” 1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 hypothetical actual Bryce de Tocqueville Kuznets
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3 “Data” for the 19 th century Bryce (1880s) “Sixty years ago there were no great fortunes in America, few large fortunes, no poverty. Now there is some poverty…and a greater number of gigantic fortunes than in any other country of the world.” “As respects education…the profusion of…elementary schools tends to raise the mass to a higher point than in Europe… [But] there is
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Lecture16_california - A longer-run look at inequality Some...

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