Who’s getting richer? The poor, or the rich?
Hayek Prize winner Steve Horwitz peers behind American figures to examine the notion that the rich get richer while the poor get poorer. The key concepts on which to focus are “income mobility,” and the total size of your pizza …
Of course, these statistics occurred before the arse fell out of the world economy—although this Op Ed explaining everything more succinctly did not.
PS: For an extra point, see if you can work out any statistical errors he’s made. You know, the sort to which journalists and Gordon Campbell are often prone. Fortunately, they’re being offered the chance to get schooled.