12. Income Distribution
12.1
Income DistributionIn the U. S., the top income group has been gaining relative to the rest of the population due to globalization, but the belief in upward mobility is still strong.
12.2
Glamour vs HardshipMost glamorous jobs have high average income but low median income while most bread-and-butter jobs have median income that is very close to the average income.
12.3
The Economics of SuperstarsJoint consumption technology combined with imperfect substitution of consumer preferences can lead to outsized rewards to a few superstars in mass entertainment businesses.
12.5
Global Labor MarketLabor is increasingly globally sourced due to aging populations and lagging labor productivity in developed countries.
12.6
The Truncated Job LadderThe job ladder that has been truncated from the bottom and from the top means longer formal education to get to the bottom of the ladder and more limited promotion prospects once on the ladder.
12.7
Choose Your Parents CarefullyMarital sorting can increase wage inequality and lead to lower economic growth over generations by concentrating the life-chance advantage of better educated people.
12.8
Legacy CurseThe legacy of high union wages and benefits progressive measures has become part of a vicious circle of market-share erosion for old-time U.S. car makers.
12.9
The Insecurity of Job SecurityLife-time job security with generous fringe benefits have increased youth unemployment by discouraging French employers to hire new workers and encouraging them to substitute capital for labor.