Americans are about as likely to move from one income quintile to another as they used to be. That, put as prosaically as possible, was the big economic news of the week, as the epic income-mobility study led by Harvard’s Raj Chetty and Nathaniel Hendren, UC Berkeley’s Patrick Kline and Emmanuel Saez, and the U.S. Treasury Department’s Nicholas Turner generated another data-rich installment.
We Can’t Afford to Leave Inequality to the Economists
In dealing with exploding high-end incomes, political and moral considerations should probably weigh heavier than economic ones.
January 24, 2014