If you’re so smart, why ain’t you rich?

Draft of 2006.03.05 ☛ 2015.06.30

At Brad DeLong’s Semi-Daily Journal, a link to “Graduates Versus Oligarchs”:

Say, rather, that five things are going on:

  • The rise of a very powerful, successful, exploitative upper class.
  • Further increases in inequality as the tax and transfer system becomes less progressive.
  • Increases in risk that threaten to move middle-class families sharply downward in the wealth distribution.
  • Skill-biased technical change that sharply raises the benefits to education.
  • Holes in the safety net—the fall in the value of the minimum wage, time-limited welfare, and so forth.