The world's most impressive economic machine needs a little adjusting
It is time to look rationally at the idea of resuming whaling
The exact size of that gap depends on how you measure it. Look at wages, the main source of income for most people, and you understate the importance of health care and other benefits. Look at household income and you need to take into account that the typical household has fallen in size in recent decades, thanks to the growth in single-parent families. Look at statistics on spending and you find that the gaps between top and bottom have widened less than for income. But every measure shows that, over the past quarter century, those at the top have done better than those in the middle, who in turn have outpaced those at the bottom. The gains of productivity growth have become increasingly skewed.
A little politeness goes a long way
The conventional tale is that the changes of the past few years are simply more steps along paths that began to diverge for rich and poor in the Reagan era. During the 1950s and 1960s, the halcyon days for America's middle class, productivity boomed and its benefits were broadly shared. The gap between the lowest and highest earners narrowed. After the 1973 oil shocks, productivity growth suddenly slowed. A few years later, at the start of the 1980s, the gap between rich and poor began to widen.
A sad case of post-prime-ministerial syndrome
Harford, T. “The Undercover Economist: Exposing why the Rich, the Poor are poor—and why you can never buy a Decent Used Car! United Kingdom, UK; 2006. Print.
Duflo E. Banerjee, A. V. Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty. New York, NY: Public Affairs, 2011. Print.
John Howard blocks Canberra's gay marriages
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