Monday, July 09, 2012

Redistribution of income in the US

Income Is Definitely Being Redistributed Upward, but Why Do We Think It's Technology? | Beat the Press
Two key quotes:

"In short, it is easy to trace the vast majority of the upward redistribution over the last three decades to deliberate policy choices, as I argue in The End of Loser Liberalism: Making Markets Progressive (free download available). It is seriously misleading to imply that this upward redistribution was just the result of technology."

"the availability of low-cost imports raises the living standards of those who are protected from international competition. The latter group would include highly paid professionals, like doctors and lawyers. Note that it is not technology that protects these professionals from seeing their wages depressed by competition from their low-paid counterparts in the developing world, it is deliberate policy."

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