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Great Compression
The Great Compression refers to the period of substantial wage compression in the United States that began in the early 1940s. During that time, economic inequality as shown by wealth distribution and income distribution between the rich and poor became much smaller than it had been in preceding time periods. The term was reportedly coined by Claudia Goldin and Robert MargoThe Great Divergence. By Timothy Noah slate.com in a 1992 paper, Goldin & Margo, ''Quarterly Journal of Economics''. Volume (Year): 107 (1992) Issue (Month): 1 (February). pp. 1–34 and is a takeoff on the |
Wage Compression
Wage compression (also known as salary compression and pay compression) refers to the empirical regularity that wages for low-skilled workers and wages for high-skilled workers tend toward one another. As a result, the prevailing wage for a low-skilled worker exceeds the market-clearing wage, resulting in unemployment for low-skilled workers. Meanwhile, the prevailing wage for high-skilled workers is below the market-clearing wage, creating a short supply of high-skilled workers (and thus no unemployment of high-skilled workers). Perfectly competitive labour markets can still exhibit a wage compression effect. In a perfectly competitive market, workers of different skill levels receive different wages and workers of the same skill level will receive the same wage no matter which firm they work in. However, the distribution of the skills of employees may be wider than the distribution of their wages. Akerlof and Yellen (1990) propose a model that uses the fair-wage hypothesis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Conscience Of A Liberal
''The Conscience of a Liberal'' is a 2007 book written by economist and Nobel laureate Paul Krugman. It was 24th on the ''New York Times'' Best Seller list in November 2007. The title was used originally in Senator Paul Wellstone's book of the same name in 2001. Wellstone's title was a response to Barry Goldwater's 1960 book '' The Conscience of a Conservative''. In the book, Krugman studies the past 80 years of American history in the context of economic inequality. A central theme is the reemergence of both economic and political inequality since the 1970s. Krugman analyzes the causes behind these events and proposes a "new New Deal" for America. Synopsis The book is a history of wealth and income gaps in the US in the 20th century. The book documents that the gap between rich and poor diminished greatly in mid-century—he refers to this as the "Great Compression"—then widened again, starting in the 1980s, to levels higher than those in the 1920s. Most economists—incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bolshevik Revolution
The October Revolution, also known as the Great October Socialist Revolution (in Soviet historiography), October coup, Bolshevik coup, or Bolshevik revolution, was the second of two revolutions in Russia in 1917. It was led by Vladimir Lenin's Bolsheviks as part of the broader Russian Revolution of 1917–1923. It began through an insurrection in Petrograd (now Saint Petersburg) on . It was the precipitating event of the Russian Civil War. The initial stage of the October Revolution, which involved the assault on Petrograd, occurred largely without any casualties. The October Revolution followed and capitalized on the February Revolution earlier that year, which had led to the abdication of Nicholas II and the creation of the Russian Provisional Government. The provisional government, led by Alexander Kerensky, had taken power after Grand Duke Michael, the younger brother of Nicholas II, declined to take power. During this time, urban workers began to organize into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Yorker
''The New Yorker'' is an American magazine featuring journalism, commentary, criticism, essays, fiction, satire, cartoons, and poetry. It was founded on February 21, 1925, by Harold Ross and his wife Jane Grant, a reporter for ''The New York Times''. Together with entrepreneur Raoul H. Fleischmann, they established the F-R Publishing Company and set up the magazine's first office in Manhattan. Ross remained the editor until his death in 1951, shaping the magazine's editorial tone and standards. ''The New Yorker''s fact-checking operation is widely recognized among journalists as one of its strengths. Although its reviews and events listings often focused on the Culture of New York City, cultural life of New York City, ''The New Yorker'' gained a reputation for publishing serious essays, long-form journalism, well-regarded fiction, and humor for a national and international audience, including work by writers such as Truman Capote, Vladimir Nabokov, and Alice Munro. In the late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evan Osnos
Evan Lionel Richard Osnos (born December 24, 1976) is an American journalist and author. He has been a staff writer at ''The New Yorker'' since 2008, best known for his coverage of politics and foreign affairs, in the United States and China. His 2014 book, '' Age of Ambition: Chasing Fortune, Truth, and Faith in the New China,'' won the National Book Award for nonfiction. In October 2020 he published a biography of Joe Biden, entitled ''Joe Biden: The Life, the Run, and What Matters Now''. In September 2021, he published ''Wildland: The Making of America's Fury'', about profound cultural and political changes occurring between September 11, 2001, and January 6, 2021, as evidenced by the turmoil of 2020. Early life and education Osnos was born in London, when his parents, Susan (née Sherer) Osnos and Peter L.W. Osnos, were visiting from Moscow, where his father was assigned as a correspondent for ''The Washington Post''. Osnos' father was a Jewish refugee from Poland born ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United States
The economic history of the United States spans the colonial history of the United States, colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of Gross domestic product, GDP. Until the end of the American Civil War, Civil War, slavery was a significant factor in the agricultural economy of the American South, southern states, and the South entered the second industrial revolution more slowly than the North. The US has been one of the world's largest economies since the McKinley administration. Pre-colonial economy Prior to the European conquest of North America, Indigenous communities led a variety of economic lifestyles. Some were primarily agrarian whereas others prioritized hunting, gathering and foraging. While some early scholarship characterized these communities as non-market, more recen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Inequality In The United States
Income inequality has fluctuated considerably in the United States since measurements began around 1915, moving in an arc between peaks in the 1920s and 2000s, with a lower level of inequality from approximately 1950-1980 (a period named the Great Compression), followed by increasing inequality, in what has been coined as the Great Divergence (inequality), great divergence. The U.S. has the highest level of income inequality among its (post-industrialized) peers.United Press International (UPI), June 22, 2018"U.N. Report: With 40M in Poverty, U.S. Most Unequal Developed Nation"/ref> When measured for all households, U.S. income inequality is comparable to other developed countries before taxes and transfers, but is among the highest after taxes and transfers, meaning the U.S. shifts relatively less income from higher income households to lower income households. In 2016, average market income was $15,600 for the lowest Quantile, quintile and $280,300 for the highest quintile. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Timothy Noah
Timothy Robert Noah (born 1958) is an American journalist, author, and a staff writer at ''The New Republic''. Previously he was labor policy editor for ''Politico'', a contributing writer at MSNBC.com, a senior editor of ''The New Republic'' assigned to write the biweekly "TRB From Washington" column, and a senior writer at ''Slate'', where for a decade he wrote the "Chatterbox" column. In April 2012, Noah published a book, ''The Great Divergence'', about income inequality in the United States. Early life Noah is a son of Marian Jane (née Swentor) and Robert M. Noah, a television producer. He grew up in New Rochelle, New York, and Beverly Hills, California. His father was Jewish, and his mother was Protestant; he describes himself as an atheist. He lives in Washington, D.C. Career Earlier in his career, Noah was an assistant managing editor at '' U.S. News & World Report'', a Washington reporter for ''The Wall Street Journal''. On February 24, 2007, Noah wrote an article f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Slate (magazine)
''Slate'' is an online magazine that covers current affairs, politics, and culture in the United States. It was created in 1996 by former '' New Republic'' editor Michael Kinsley, initially under the ownership of Microsoft as part of MSN. In 2004, it was purchased by The Washington Post Company (later renamed the Graham Holdings Company), and since 2008 has been managed by The Slate Group, an online publishing entity created by Graham Holdings. ''Slate'' is based in New York City, with an additional office in Washington, D.C. ''Slate'', which is updated throughout the day, covers politics, arts and culture, sports, and news. According to its former editor-in-chief Julia Turner, the magazine is "not fundamentally a breaking news source", but rather aimed at helping readers to "analyze and understand and interpret the world" with witty and entertaining writing. As of mid-2015, it publishes about 1,500 stories per month. A French version, ''slate.fr'', was launched in Februa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Divergence (inequality)
The Great Divergence is a term given to a period, starting in the late 1970s, during which income differences drastically increased in the United States and, to a lesser extent, in other countries. The term originated with the Nobel laureate, Princeton economist and ''The New York Times'' columnist Paul Krugman, and is a reference to the " Great Compression", an earlier era in the 1930s and the 1940s when incomes became more equal in the US and elsewhere. The Great Divergence contrasts with the "Great Prosperity" or Golden Age of Capitalism, where from the late 1940s to mid 1970s, at least for workers in the advanced economies, economic growth had delivered benefits broadly shared across the earnings spectrums, with inequality falling as the poorest sections of society increased their incomes at a faster rate than the richest. Scholars and others differ as the causes and significance of the divergence,Krugman, Paul.The Rich, the Right, and the Facts: Deconstructing the Inco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Safety Net
A social safety net (SSN) consists of non-contributory assistance existing to improve lives of vulnerable families and individuals experiencing poverty and destitution. Examples of SSNs are previously-contributory social pensions, in-kind and food transfers, conditional and unconditional cash transfers, fee waivers, public works, and school feeding programs.World Bank. 2018"The State of Social Safety Nets" 2018. Washington, DC: World Bank. © World Bank. License: CC BY 3.0 IGO. Definitions There is no exact and unified definition of the concept of SSN. The World Bank has one of the widest definitions, but multiple definitions are used by different scholars, institutions, and organizations such as the International Labor Organization (ILO) and ESCAP. This lead some scholars to go so far as to hold that there is no point in using the term SSN as it is rarely used consistently and are instead advocating that the different components of SSN are used for analysis rather than the term ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Newt Gingrich
Newton Leroy Gingrich (; né McPherson; born June 17, 1943) is an American politician and author who served as the List of speakers of the United States House of Representatives, 50th speaker of the United States House of Representatives from 1995 to 1999. A member of the Republican Party (United States), Republican Party, he was the U.S. representative for Georgia's 6th congressional district serving north Atlanta and nearby areas from 1979 until his resignation in 1999. In 2012, Gingrich unsuccessfully Newt Gingrich 2012 presidential campaign, ran for the Republican nomination for president of the United States. In the 1970s, Gingrich was a professor of history and geography at the University of West Georgia. He won election to the U.S. House of Representatives in United States House of Representatives elections, 1978, November 1978, the first Republican in the history of Georgia's 6th congressional district to do so. He served as Party whips of the United States House of Repr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
