lecture8_Sept28_slides (1)

lecture8_Sept28_slides (1) - Inequality and Mobility...

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Inequality and Mobility September 28, 2011 1
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Trends in Inequality in the U.S. 2
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Trends in U.S. Income Inequality, 1967-2007 Gini coefficient for size-adjusted household income (from Burkhauser, Feng, Jenkins, and Larrimore, 2011) 
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Percent of Income to Top Decile, 1917-2008 (based on study by Pikkety and Saez)
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Percent of Income to Top Decile Subgroups, 1917-2008 (series including capital gains)
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n Where is inequality coming from? To the extent that inequality has continued to  increase since the early 1990s it has been largely at  the very top of the distribution Trends in Inequality in the United States Gini Coefficient (Census Data) Top 1% Income Share (IRS Data) 1967-1980 Stable Relatively Stable 1980s INCREASING INCREASING 1990s-2000s Stable INCREASING
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Alternate way to consider inequality n Thus far have primarily focused on income Can also consider wealth inequality n What’s the difference? n Some people may be wealthy but have little income Retirees living off of savings n Others may have high income but have little wealth Big spenders, people early in their career
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Forbes 20 wealthiest Americans in 2011 Name Net Worth Age Source 1 Bill Gates $59 B  55 Microsoft 2 Warren Buffett $39 B  81 Berkshire Hathaway 3 Larry Ellison $33 B  67 Oracle 4 Charles Koch $25 B  75 diversified 4 David Koch $25 B  71 diversified 6 Christy Walton $24.5 B  56 Wal-Mart 7 George Soros $22 B  81 hedge funds 8 Sheldon Adelson
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This note was uploaded on 02/03/2012 for the course ECON 375 taught by Professor Staff during the Fall '10 term at Maryland.

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lecture8_Sept28_slides (1) - Inequality and Mobility...

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