Repairing the Hull of the Graf Zeppelin during the flight over the Atlantic, 1934. http://t.co/DhxAiCIowS—
ClassicPics (@History_Pics) May 25, 2015
Occupational Health & Safety has come a long way with rising incomes
06 Jun 2015 Leave a comment
Why did the top 1% only pick on men when they increased inequality over recent decades?
06 Jun 2015 Leave a comment
in discrimination, gender, human capital, labour economics, labour supply, unions Tags: gender wage gap, middle class stagnation, reversing gender gap, superstar wages, superstars, top 1%, wage stagnation
Gender pay gap in corporate America twitter.com/BuzzFeedAndrew… http://t.co/AOFxcUQ8Rk—
Charts and Maps (@ChartsandMaps) April 12, 2015
French, German and Italian unemployment rates, 1956 – 2013
03 Jun 2015 Leave a comment
in economic growth, economic history, job search and matching, labour economics, labour supply, macroeconomics, unemployment Tags: Eurosclerosis, France, Germany, Italy
Figure 1: French, German and Italian unemployment rates, 1956 – 2013
Source: OECD StatExtract.
Who gained most from the 1996 US welfare reform?
03 Jun 2015 Leave a comment
in gender, labour economics, labour supply, welfare reforms Tags: U.S welfare reforms
The share of poorly educated single mothers with earnings rose from 49 percent in 1995 to 64 percent in 2000. This group was thought to be the least employable.
Employment gains of welfare reform’s early years have disappeared: bit.ly/19HTGBh http://t.co/4IRuqi6x7X—
Center on Budget (@CenterOnBudget) June 28, 2013
Who among the top 1% and top 0.1% increased their share of income most between 1979 and 2005?
03 Jun 2015 Leave a comment
in economic history, entrepreneurship, financial economics, human capital, industrial organisation, labour economics, labour supply, occupational choice, survivor principle Tags: CEO pay, entrepreneurial alertness, Occupy Wall Street, separation of ownership and control, superstar wages, superstars, top 0.1%, top 1%, Twitter left
The members of the top 1% whose income increased the most between 1979 and 2005 were real estate professionals followed by financial professionals – see figure 1.
Figure 1: increase in share of national income (including capital gains) received by top 1% for each primary taxpayer occupation in top 1% between 1979 and 2005
Source: Jon Bakija, Adam Cole and Bradley T. Heim “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data”.
Figure 2 shows that the fastest-growing shares among the top 1% as in figure 1 are not necessarily the largest occupational group are those income earners. Moreover, their fortunes seem largely unrelated to each other.
Figure 2: Percentage of national income (including capital gains) received by top 1%, and each primary taxpayer occupation in top 1%
Source: Jon Bakija, Adam Cole and Bradley T. Heim “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data”.
The next members of the top 1% in terms of income growth were rather respectable group:professionals and scientists and arts, media and sports. The latter,arts, media and sports get a complete pass on their membership of the top 1% despite their great success in increasing their incomes since 1979 at the expense apparently on the bottom 99% if the Twitter Left is to be believed.
Figure 3: increase in share of national income (including capital gains) received by top 0.1% for each primary taxpayer occupation in top 0.1%between 1979 and 2005
Source: Jon Bakija, Adam Cole and Bradley T. Heim “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data”.
Arts, media and sports superstars are one of the fastest-growing members of the top 0.1% – see figure 3. Again, the arts, media and sports superstars get a complete pass on their membership of the top 0.1% from the Twitter Left. Most of the other occupations in the top 0.1% don’t strike me as anything other than working rich – see figure 3 and figure 4.
As with the top 1%, the top 0.1% of income earners are a mixed bag of occupations – see figure 4. Their fortunes are unrelated to each other terms of the forces driving there are increased incomes.
Figure 4: Percentage of national income (including capital gains) received by top 0.1%, and each primary taxpayer occupation in top 0.1%
Source: Jon Bakija, Adam Cole and Bradley T. Heim “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data”.
Unemployment by educational level and degree level
02 Jun 2015 Leave a comment
in business cycles, economics of education, human capital, job search and matching, labour economics, labour supply, macroeconomics, occupational choice, unemployment Tags: education premium, graduate premium
Don't listen to naysayers. College is worth it, even for so-so students. nyti.ms/1JC1ZiN http://t.co/Wnr5BnwumM—
The Upshot (@UpshotNYT) April 24, 2015
How much of the top 0.1% are now working rich in the USA, 1916–2013, and Canada, 1946–2007
01 Jun 2015 Leave a comment
in economic history, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, occupational choice, survivor principle Tags: Canada, CEO pay, creative destruction, entrepreneurial alertness, super-entrepreneurs, superstar wages, superstars, top 0.1%, top 1%, working rich
Piketty and Saez (2003) concluded that a substantial fraction of the rise in top incomes was due to surging top wage incomes. They concluded that top executives (the ‘working rich’) replaced top capital owners (the ‘rentiers’) at the top of the income hierarchy.
That conclusion still holds for both the USA and Canada. The largest portion of the top 0.1% in both countries have become those earning wages. The top 0.1% are top wage earners who work for their livings founding, building or directing businesses.
Figure 1: percentage of top 0.1% with wages, salaries, pensions or entrepreneurial incomes, USA, 1916 – 2013
Source: Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty and Emmanuel Saez, The World Top Incomes Database.
Figure 2: percentage of top 0.1% with incomes from interest, dividends and rents, USA, 1916 – 2013
Source: Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty and Emmanuel Saez, The World Top Incomes Database.
Figure 3: percentage of top 0.1% with wage salary and pension incomes, business incomes and professional incomes, Canada, 1946 – 2007
source : Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty and Emmanuel Saez, The World Top Incomes Database.
Figure 4: percentage of top 0.1% with dividend, interest or investment incomes, Canada, 1946 – 2007
Source: Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty and Emmanuel Saez, The World Top Incomes Database.
Who gained the most from US 1996 Federal welfare reforms?
01 Jun 2015 Leave a comment
in discrimination, gender, labour economics, labour supply, politics - USA, poverty and inequality, welfare reform Tags: 1996 US welfare reforms, racial discrimination, social insurance, welfare state
Hardhats on construction sites were pretty optional back in the day
31 May 2015 Leave a comment
in economic history, health and safety, labour economics, labour supply, occupational choice Tags: Empire State Building, New York City, The Great Escape
The Empire State building is dedicated in NYC. Here's a cool construction photo of the building, May 1st, 1931. http://t.co/map6v6A5dI—
Classic Pics (@classicepics) May 30, 2015
The futility of minimum wage increases as a poverty reduction strategy
31 May 2015 Leave a comment
in labour economics, labour supply, politics - USA, welfare reform Tags: family tax credits, poverty traps, welfare reform, welfare state
Pay is always net of human capital accumulation
31 May 2015 Leave a comment
in economics of education, human capital, labour economics, labour supply, minimum wage, occupational choice, poverty and inequality Tags: College premium, education premium, internships, on-the-job human capital
Long-term unemployment by sex, Australia, Canada, New Zealand, UK and USA, 1968 – 2013
26 May 2015 Leave a comment
in business cycles, job search and matching, labour economics, labour supply, unemployment Tags: Australia, British economy, Canada
Source: OECD StatExtract
Source: OECD StatExtract
The employment rates of sole parents with kindergarten age children, OECD, 2011
24 May 2015 Leave a comment
in gender, labour economics, labour supply, welfare reform Tags: child poverty, economics of families, female labour force participation, paternal labour force participation, single parents
Figure 1: percentage of sole parents not working with youngest child aged 3-5, OECD, 2011
Source: OECD family database
Figure 2: percentage of sole parents part-time with youngest child aged 3-5, OECD, 2011
Source: OECD family database
Utopia, you are standing in it! 
Recent Comments