,
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1. On Economic Inequality
Economists need to come up with useful measures of economic well-being of individuals. Wealth/income by quintiles is just about the worst measure I can think of, because it provides no useful policy guidance and incites destructive class warfare.
Economists need to come up with useful measures of economic well-being of individuals. Wealth/income by quintiles is just about the worst measure I can think of, because it provides no useful policy guidance and incites destructive class warfare.
2. Useful Measures of Economic Well-being
... must capture at least the following four dimensions in my view:
a) Best and worst living conditions (food, shelter, healthcare, liberty, creature comforts) by age group
b) Income progression over lifetimes
...
... must capture at least the following four dimensions in my view:
a) Best and worst living conditions (food, shelter, healthcare, liberty, creature comforts) by age group
b) Income progression over lifetimes
...
3. Useful Measure of Economic Well-being continued ...
c) Wealth progression over lifetimes
d) Economic Mobility (i.e. what percentage of people in any wealth/income quintile progress to higher quintiles in their lifetime)
c) Wealth progression over lifetimes
d) Economic Mobility (i.e. what percentage of people in any wealth/income quintile progress to higher quintiles in their lifetime)
4. The key is to track the same people cohorts over decades. Comparing top quintiles (top 20%) at one point in time (say in 2019) to a similar quintile at a past point in time (say top 20% 20, 30, 40, 50 years ago) is worse than useless because they are not the same people.
5. Comparisons of statistical groupings (e.g. top 20%) across time which ignore mobility of people within those statistical groupings are nothing but statistical sophistry and dishonesty, whether witting or unwitting.
6. The purpose of such fallacious statistical analysis is quite often to give wily politicians sophisticated academic ammunition to peddle their class warfare and redistributionist agenda. Don't fall for it.
We need true societal progress, not phony socialist marketing.
The End
We need true societal progress, not phony socialist marketing.
The End
Question Time!
I love the Question Time in the UK parliament where the Prime Minister has to stand up every day and answer questions from the members of the parliament extemporaneously. Sorts out men and women from the boys and girls. Here's Thatcher.
I love the Question Time in the UK parliament where the Prime Minister has to stand up every day and answer questions from the members of the parliament extemporaneously. Sorts out men and women from the boys and girls. Here's Thatcher.
