ASOC 2-28 - ASOC 2/28/08 Gallagher piece (Newman and Ellis,...

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ASOC 2/28/08 Gallagher piece (Newman and Ellis, no shame in my game) DON’T READ Oliver and Shapiro - Let us look at these three parts separately with the data that they provide us with - Can human capital characteristics explain wealth differences o Oliver and Shapiro found that age and income are the most important factors in explaining wealth differences o With each additional dollar in your income there is a net worth of $2.28 o But, when race is used in this computation, the authors find that Blacks lose a net worth (counts the total value of all property owned by a household minus the house hold’s debts) of about 27k and suffer a net financial asset (unrestricted funds to improve your living stands e.g. stocks, bonds, etc.) loss of about 14k. o Factors that can increase net worth are different for whites and blacks o Whites can increase their net worth with age, income, professional or self- employed status, number of workers, male households, and years of education. o
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ASOC 2-28 - ASOC 2/28/08 Gallagher piece (Newman and Ellis,...

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