Sunday, July 8, 2012

Income Inequality: Bad Consequences :[



















Bloomberg:


"University of Ottawa economist Miles Corak makes the strongest case yet that inequality and mobility are intertwined—the more unequal a society is, the greater the likelihood that children will remain in the same economic standing as their parents."
...
 "'When difficult decisions need to be made,” Pearson says, “the already diminishing resources for individuals at the bottom are the first to go.'"
...
[Most importantly] :
 "'The strong tie between family background and the chance of success runs counter to what we commonly understand as the American Dream,” Corak says."


We're letting the American Dream slip away.   In a sense, we can measure the American dream by the strength of the positive relationship between economic mobility and the gini-coefficient.  The more intense the relationship, the closer we are to losing what makes America exceptional.
 

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