Rest in peace Alan Krueger

Alan Krueger did everything an economist should aspire to achieve: strong research grounded in a solid understanding of theory and statistical method; framed to uncover facts important to the way people lead their lives, to the challenges they face; and communicated to resonate among policy makers, compelling them to do better for their citizens.

Writing in 1924, upon the death of his teacher and mentor Alfred Marshall, the great British economist John Maynard Keynes said that the “study of economics does not seem to require any specialised gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with … philosophy and pure science? Yet good, or even competent economists are the rarest of birds. An easy subject at which very few excel !”

And just as Keynes said of Marshall, that this paradox is explained by the fact that the “master-economist” needs to embody “a rare combination of gifts,” so to it can be said of Alan Krueger, the Princeton University labour economist who died on March 16th, 2019 at the age of 58. Continue reading “Rest in peace Alan Krueger”

How The Great Gatsby Curve got its name

Great Gatsby Curve

On January 4th, 2012 The New York Times published an article called “Harder for Americans to Rise from Lower Rungs.” I had spent a considerable amount of time during the New Year’s holidays talking with Jason DeParle about the comparative literature on intergenerational income mobility, and was pleased to see his article on the front page.

So pleased that I emailed Alan Krueger, the Princeton University economist who at the time was the Chairman of the Council of Economic Advisors, to draw his attention to it, though I don’t know why I imagined that Krueger and his staff in the White House would not be reading The Times.

That is how “The Great Gatsby Curve” was born.

Continue reading “How The Great Gatsby Curve got its name”

“Inequality, Life Chances, and Public Policy,” watch the presentation I made at Millersville university

I was very pleased to speak at the 2014 International Policy Conference on the theme “Inequality: Defining our Time?” held at Millersville University on November 6th and 7th, 2014. I spoke on the very kind invitation of Professor Ken Smith and the Department of Economics at Millersville University.

My talk was called “Inequality, Life Chances, and Public Policy: How to Slide Down the Great Gatsby Curve,” and you can watch it here if you have an interest.

These are the associated slides: Inequality Life Chances and Public Policy how to Slide Down the Great Gatsby Curve for Millersville University International Policy Conference

The source for this presentation is an article I published in the Journal of Economic Perspectives called “Income Inequality, Equality of Opportunity, and Intergenerational Mobility

The discussant, who begins speaking at about 47 minutes into the talk, is Professor Antonio Callari of Franklin and Marshall College. He offered some interesting remarks about how the theme of the talk relates to developments in Lancaster PA, where the conference was held.

[ One silly grammatical error that I wish I could take back occurs when I say “the more statistically significant among you,” when my intention was “the more statistically savvy among you.” ]

Income Inequality, Equality of Opportunity, and Intergenerational Mobility

The summer issue of the Journal of Economic Perspectives will feature a collection of articles on inequality and the top 1%, some of which are now being circulated by the authors.

The paper by Tony Atkinson and his coauthors, “The top 1 percent in international and historical perspective,” is available in this post, and “The Pay of Corporate Executives and Financial Professionals as Evidence of Rents in Top 1 Percent Incomes,” by Josh Bivens and Lawerence Mishel, is available on the Economic Policy Institute website.

Greg Mankiw has also posted a copy of his paper, “Defending the One Percent“, on his blog.

My contribution to the collection is based on the notion that the inequality literature has paid little attention to the intergenerational consequences of increasing top income shares, and it can be read as a counterpoint to Mankiw’s piece, or at least to his claim that inequality of opportunity is not a reason to worry about the top 1%.

Here is the final draft: Income Inequality, Equality of Opportunity, and Intergenerational Mobility. But if you just want a quick read, an excerpt from the conclusion follows. Either way, feedback is—as always—welcomed.

[NOTE added December 10, 2013: the published version of this paper is available from the American Economics Association website for the Summer 2013 issue of the Journal of Economic Perspectives, as is the table of contents for the entire issue.]

Continue reading “Income Inequality, Equality of Opportunity, and Intergenerational Mobility”

Inequality and social mobility, an interesting discussion

Canada2020 event February 26 2013

“The idea that all citizens should have an equal chance to succeed in life, regardless of where they start, is fundamental to liberal societies and emblematic of the American—and Canadian—dream” is the way a Canadian think tank, Canada2020, introduces a panel discussion it hosted that explored the idea of economic mobility, why it is important, and how it is related to inequality of outcomes.

I was a member of the panel and had a very interesting—and at times humorous and entertaining—discussion with Zanny Minton Beddoes the economics editor of The Economist, Carolyn Acker the founder of Pathways to Education, and Ron Haskins a senior fellow at the Brookings Institution. You can view the entire discussion, which was moderated by Diana Carney, by clicking on the following screen shot (and waiting a bit for it to load):

The short presentation I made at the beginning of the talk is, if you are interested, available here: Equality_of_Opportunity_A_Canadian_Dream_for_Canada2020

I plan on revising the background document I wrote for the event—which you can download from the Canada2020 website—and would therefore be very pleased to hear your views on the discussion, and any specific feedback you might have.

How to Slide Down the Great Gatsby Curve: Inequality, Life Chances, and Public Policy in the United States

CorakMiddleClass_fig1

The Center for American Progress has released a study I wrote called “How to Slide Down the Great Gatsby Curve: Inequality, Life Chances, and Public Policy in the United States”. Here is an excerpt:

Continue reading “How to Slide Down the Great Gatsby Curve: Inequality, Life Chances, and Public Policy in the United States”