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Title : The Myth Of Stagnant Income
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The Myth Of Stagnant Income

This is from Greg Mankiw:

This paper by Bruce Sacerdote is worth noting:

Despite the large growth inwards the United States income inequality, consumption for families at the 25th too 50th percentiles of income has grown steadily over the fourth dimension menses 1960-2015. The pose out of cars per household alongside below median income has doubled since 1980 too the pose out of bedrooms per household has grown 10 percentage despite decreases inwards household size. The finding of nada growth inwards American existent payoff since the 1970s is driven inwards purpose yesteryear the alternative of the CPI-U equally the cost deflator; little biases inwards whatever cost deflator chemical compound over long periods of time. Using a dissimilar deflator such equally the Personal Consumption Expenditures index (PCE) yields little growth inwards existent payoff too inwards median household incomes throughout the fourth dimension period. Accounting for the Hamilton (1998) too Costa (2001) estimates of CPI bias yields estimated wage growth of 1 percentage per twelvemonth during 1975-2015. Meaningful growth inwards consumption for below median income families has occurred fifty-fifty inwards a prolonged menses of increasing income inequality, increasing consumption inequality too a decreasing part of national income accruing to labor. 

It is actually impossible to compare payoff over time. How produce y'all compare cellphones versus rotary phones of yesteryear inwards dollar terms to empathise what payoff meant inwards the ii periods? So I would write off the moment one-half of the to a higher house observations. However, at that spot is something to live on said for the commencement half. Cars per household and bedrooms per household produce say us something. It isn't something nosotros tin jibe into i prissy cracking pose out to empathise changes over fourth dimension only nosotros all produce know that an growth inwards cars too bedrooms per household is an improvement inwards lifestyle, thus, such periods can't live on inwards full general a menses of stagnant income.

-RW 

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