Thomas "Capital in the 21st Century" Piketty endorses the World Wealth and Income Database, where you will find "open and convenient access to the most extensive available database on the historical evolution of the global distribution of income and wealth, both within countries and between countries" in English, with upcoming translations in Chinese, Spanish, Arabic and French.
With one striking result: the share of bottom 50% incomes dropped from 20% to 12% of total national income between 1980 and 2014, while the share going to the the top 1% rose from 11% to 20% over the same period. Both groups have basically exchanged their respective positions in terms of income shares. This corresponds to a dramatic collapse of the relative position of bottom income groups in US society during this period. The figure below (also available here) summarizes the situation and is part of thousands of figures and maps which can be easily generated and exported from WID.world.
To be concrete, the average annual income of the bottom 50% has stagnated at about 16000 dollars (expressed in constant dollars 2015), while the average income of the top 1% rose from 27 times to 81 times this amount, that is from a little over 400 000 dollars in 1980 to over 1,3 millions dollars in 2014. Note that top 1% individuals are by construction 50 times less numerous than bottom 50% individuals: if their average income is 27 times higher this is not sufficient to compensate their smaller numerical size; but once their average income is 81 times higher, their share in total income is substantially higher than that of the bottom 50%.
World Wealth and Income Database
WID.world: a new global database on inequality [Thomas Piketty/Le Monde]
Aviation is one of America's most concentrated industries, and workers have steadily lost ground to shareholders and execs, who have enriched themselves with tactics like flying planes to South America for maintenance by non-union technicians who do not speak the language that the maintenance manuals are written in.
Thanks to the college admissions scandal the issue of inequality and access to postsecondary education is now in our national conversation, but despite the glitz of the bribery scandal, the real issue is a much more mundane form of reverse affirmative action that allows wealthy Americans to dominate college admissions, muscling out better candidates from […]
Tenants in New York City have reached a settlement with their landlord requiring the landlord to install actual locks with actual keys on demand, rather than insisting that all tenants use locks from Latch, the leading Internet of Things "smart lock" vendor, whose products conduct fine-grained surviellance on their users, which the company reserves the […]
Raspberry Pi is one of the world’s most versatile open-source computers. Alexa is a home automation hub with limitless potential. Together, they’re a dream team for ambitious makers, opening the door to everything from automatic lights to voice-controlled robots. Learning Raspberry Pi is meant to be relatively easy for newbies, but its applications with Alexa […]
Heads up: The clock is winding down on a free-entry contest to win not only one of the best smartphones on the market but a handy pair of earbuds. A simple sign-up is all you need to be eligible to win a 256 GB iPhone XS Max, along with AirPods. And while “free” is tough […]
Kudos to those of us who have chosen a less wasteful third option to “paper or plastic” at the supermarket or club stores. Tote bags are reusable, but they can be a pain to tote around. Here’s an upgrade to that planet-saving measure. The Club Cart Lotus Trolley Bag is that rare tote you’ll want […]