tag:blogger.com,1999:blog-1110014885778996459.post3630446854828761629..comments2024-03-29T04:50:03.060-07:00Comments on Idiosyncratic Whisk: Extremely Positive News on Economic MobilityKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1110014885778996459.post-17257356541856975752014-08-22T12:43:13.068-07:002014-08-22T12:43:13.068-07:00Nathanael, if that is true, that is extremely good...Nathanael, if that is true, that is extremely good news. Thank you for your input.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-83730911360542826572014-08-22T11:20:11.831-07:002014-08-22T11:20:11.831-07:00By the way, you can start to spot this from the da...By the way, you can start to spot this from the data on the top quintile (isn't it interesting that it shows more "persistence" than the other four?). The other four are really the same social class, so mobility among them means little.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-36594028702666624992014-08-22T11:18:44.548-07:002014-08-22T11:18:44.548-07:00I'll tell you why this is not really good news...I'll tell you why this is not really good news about economic mobility: it's because quintiles don't matter.<br /><br />The distinction is between being one of the unwashed masses (the 99%) and being one of the elite (the 1%). OK, yeah, the top 10% is also a decent place to be. And of course, the real power elite is the 0.1%.<br /><br />The difference between being in the first, second, third, and fourth quintiles is not significant, compared to the difference between being in any of those and being in the 1%.<br /><br />You have to analyze the data that way -- look at the "backwards L curve" of wealth distribution -- to see that we have a big problem with lack of social mobility. And we do: the problem is an inherited aristocratic elite.<br /><br />The Brookings Institution guy is really not thinking clearly, because you don't use quintile data to see what's going on in this society; that just isn't where the class lines break down. It's like saying "Look, there's lots of social mobility among these different ghettos!" Who cares?Nathanaelnoreply@blogger.com