The Journal of Economic Perspectives

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Presentation transcript:

The Journal of Economic Perspectives The Top 1% in Historical Perspective and Defending the Top 1%

JEP: Paper # 1 Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty, and Emmanuel Saez. 2013. "The Top 1 Percent in International and Historical Perspective." Journal of Economic Perspectives, 27(3): 3-20.

Figures From Martin Wolf: Financial Times, 27 January 2016 “The Economic Losers are in Revolt Against the Elites

Causes of the Divergence? 1. Technological Innovation 2. Free Trade 3. Corporate Governance (CEOs make much more than in the past) 4. Financial Deregulation (Liberalization)

JEP: Paper # 2 Mankiw, N. Gregory. 2013. “Defending the One Percent." Journal of Economic Perspectives, 27(3): 21-34.

What Happened in the 1970s? 1. Stiglitz – The top 1% engaged in manipulating elected politicians and government agencies so they could get disproportionate returns (“rent seeking”). 2. Goldin and Katz (2008) – The pace of educational achievement slowed down just as the demand for skilled labor accelerated.

What about greatly increasing taxes on the top 1%? 1. Equality vs. Efficiency: The Big Tradeoff (Arthur Okun, 1975). 2. Do the high incomes of the top 1% reflect high productivity (Steve Jobs) or some market imperfection (Goldman Sachs and junk mortgage bonds)?