10 Inequality -...

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  
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   http://video.nytimes.com/video/2009/05/07/us/1194840031120/de fining-the-american-dream.html
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      And I think one of these days I think the American dream is going to shift from "I wanna get rich" to "I want everybody to be able to have things like healthcare, a decent standard of living. I want democracy. I think that's the way it's going.
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How much do you get paid?
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 Some workers will earn more than others Who earns more and why? What has been happening over time? Why should we care about the distribution?
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        0 3 6 9 12 15 18 05 0 0 1 , 0 0 0 1 , 5 0 0 2 , 0 0 0 2 , 5 0 0 3 , 0 0 0 Weekly Earnings Percent
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   The wage distribution is positively skewed (long right tail) A small percent of workers earn disproportionately large shares of the rewards for work
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        Quintile Share of Income First 0.034 Second 0.086 Third 0.146 Fourth 0.230 Fifth 0.504 Source: CPS, http://www.census.gov/hhes/www/income/histinc/p60no231_tablea3.pdf
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    Preferences (compensating wage differentials) Rate of return to skills will differ (education and training) Discrimination (race, gender, etc.)
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  
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0 200 400 600 800 1000 1200 Less than a high school diploma High school, no college Some college or associate degree Bachelor's degree and higher Median Weekly Earnings by Educational Attainment
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10 Inequality -...

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