We Were Middle-Class Once, And Young – Paul Krugman – NYT

Looking back this is worth a read. It’s one of our most popular blogs

Dr Alf's Blog

Paul Krugman, Laureate of the Sveriges Riksban... Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Swedish Academy of Science in Stockholm (Photo credit: Wikipedia)

This short blog from Paul Krugman is a GOOD READ. Check it out!

We Were Middle-Class Once, And Young – NYTimes.com.

I recommend that you follow the link in Krugman’s blog to  Miles Corack’s article (or open this link).

Look at Corak’s chart entitled “Great Gatsby Curve: More Inequality is Associated with Less Mobility across the Generations”. The UK is right up there, just behind the US in being the country with greatest income inequality. However, the UK and Italy have the highest inter- generational economic mobility (higher than the US); the latter term is defined as:

 Intergenerational economic mobility is measured as the elasticity between paternal earnings and a son’s adult earnings, using data on…

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