Busy day ... quick one from Tim Noah:
Another Perspective on U.S. Economic Mobility , by Timothy Noah, Washington Wire: My fellow Think Tank-er Benjamin Domenech, in formulating a conservative response to Thomas Piketty, wrote that “Several recent studies have shown that U.S. economic mobility is very good.”
But these studies aren’t terribly useful. They define “mobility” as what happens to an individual over many years..., a predictable earnings lifecycle. Most everybody enters the workforce making nothing or next to nothing; acquires experience and makes more; tops out at some point; then retires and makes less. ...
A much more useful measure of mobility is intergenerational... How “heritable” is relative income? In the U.S., it’s about 40 percent.... That isn’t very good by international standards. It’s been in that range since ... the 1970s. I write about all this at greater length here.