Thursday, August 16, 2012

The Undoing Of The Myth Of US Inequality And Hopefully Definitively This Time

From The Grumpy Economist, "The mismeasure of inequality" by John Cochrane:
Kip Hagopian and Lee Ohanian have a wonderful new policy review titled "the mismeasurement of inequality." Calmly, and with careful grounding in facts and review of research, it destroys most of the current liberal myths about the amount of inequality and its importance. The promise:
We will show that much of what has been reported about income inequality is misleading, factually incorrect, or of little or no consequence to our economic well-being. We will also show that middle-class incomes are not stagnating; in fact, middle-class incomes have risen significantly over the 29 years covered by the cbo study. Lastly, we will address assertions that the rich are not paying their “fair share” of taxes
"Address" should be "destroy", but they're being careful.
Read Cochrane's entire post for an worthwhile summary of Hagopian and Ohanian's paper on the myth of US inequality.

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