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Author: James K. Galbraith Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In recent work one of us has presented measurements of the evolution of inequality in the U.S. manufacturing sector, from 1920 to 1992. This paper updates and revises those estimates, using a monthly data set for wages and employment of production workers in 18 sectors, for which continuous data are available back to January, 1947. The main findings of the previous study are confirmed: there is a close connection between the dispersion of hourly wage rates and unemployment. But the previous series erred in bridging a gap in the data between 1947 and 1958 by assuming that inequality in manufacturing in that period tracked the movement of a Gini coefficient for household incomes, which was fairly stable during this time. In fact, in the 1950s manufacturing wage rate inequality rose sharply, reaching the extreme levels of the 1930s. An implication is that inequality in manufacturing hourly wage rates in the late 1970s and 1980s, previously thought to be lower than during the Great Depression, was in fact much higher. The new series also shows that wage rate inequality began declining again in 1994, and has now fallen to just below the peaks of the inter-war period. The data are current to the end of 1998.
Author: James K. Galbraith Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In recent work one of us has presented measurements of the evolution of inequality in the U.S. manufacturing sector, from 1920 to 1992. This paper updates and revises those estimates, using a monthly data set for wages and employment of production workers in 18 sectors, for which continuous data are available back to January, 1947. The main findings of the previous study are confirmed: there is a close connection between the dispersion of hourly wage rates and unemployment. But the previous series erred in bridging a gap in the data between 1947 and 1958 by assuming that inequality in manufacturing in that period tracked the movement of a Gini coefficient for household incomes, which was fairly stable during this time. In fact, in the 1950s manufacturing wage rate inequality rose sharply, reaching the extreme levels of the 1930s. An implication is that inequality in manufacturing hourly wage rates in the late 1970s and 1980s, previously thought to be lower than during the Great Depression, was in fact much higher. The new series also shows that wage rate inequality began declining again in 1994, and has now fallen to just below the peaks of the inter-war period. The data are current to the end of 1998.
Author: Jeremy Atack Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The consensus view among economic historians is that wage inequality in American manufacturing followed an inverted-U path from the early nineteenth century until just before World War Two. The previous literature, however, has been unable to fully document this path over time, or fully assess the role of explanatory factors such as changes in firm organization and technology. We provide fresh evidence that allow us to better document the inverted-U and its causes. In the first part of the paper, we use the U.S. Department of Labor's 1899 "Hand and Machine Labor" study to argue that wage inequality within manufacturing establishments rose over the nineteenth century, primarily because of increasing division of labor In the second part, we use data for Massachusetts from state reports to construct a new time series on wage inequality among production workers, which declined from the early 1890s to the late 1930s, mainly because of compression in the left tail of the distribution. Analysis of industry panel data suggest that electrification was the main factor behind the compression.
Author: National Industrial Conference Board Publisher: Forgotten Books ISBN: 9781333223465 Category : Business & Economics Languages : en Pages : 252
Book Description
Excerpt from Wages and Hours in American Manufacturing Industries: July, 1914 January, 1922 The investigation did not include executives, office and sales force, foremen or assistants, clerical workers or others paid on a salary basis. The classification of wage data closely follows that pursued by the Conference Board in previous wage studies. The wage earners were first divided by sex, and then into the occupa tional classifications of male common or 'unskilled labor, and male all other labor. Common or unskilled labor is de fined as the general group that performs the cruder muscle tasks for which no previous training 13 required. All other labor is composed of the remainder of semi-skilled and skilled labor of all kinds, which has some degree of training. All kinds of workers are contained in the latter classification, from those who rank just above common laborers to the most highly skilled wage earners. The dividing line between these two groups is difficult to determine, but this classification follows the general understanding as to the distinction implied in these terms. In the, charts and tables contained in this report, the word skilled refers to the male workers in the all' other group. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: James K. Galbraith Publisher: Cambridge University Press ISBN: 9780521009935 Category : Business & Economics Languages : en Pages : 344
Book Description
The world knows that there is a global crisis of inequality in pay. But what caused it? Where is it more and where less severe? What can be done? This book deploys new techniques and a new global data set to advance striking answers to these questions, answers that have eluded even the largest international research institutions such as the OECD and the World Bank. Chapters trace the U.S. wage structure back to 1920, the relationship of inequality and unemployment in Europe, and the relationships of inequality to economic growth, liberalization, financial crisis, state violence and industrial policy in more than fifty developing countries.
Author: Natalija Novta Publisher: International Monetary Fund ISBN: 1498320457 Category : Business & Economics Languages : en Pages : 28
Book Description
We examine the extent to which declining manufacturing employment may have contributed to increasing inequality in advanced economies. This contribution is typically small, except in the United States. We explore two possible explanations: the high initial manufacturing wage premium and the high level of income inequality. The manufacturing wage premium declined between the 1980s and the 2000s in the United States, but it does not explain the contemporaneous rise in inequality. Instead, high income inequality played a large role. This is because manufacturing job loss typically implies a move to the service sector, for which the worker is not skilled at first and accepts a low-skill wage. On average, the associated wage cut increases with the overall level of income inequality in the country, conditional on moving down in the wage distribution. Based on a stylized scenario, we calculate that the movement of workers to low-skill service sector jobs can account for about a quarter of the increase in inequality between the 1980s and the 2000s in the United States. Had the U.S. income distribution been more equal, only about one tenth of the actual increase in inequality could have been attributed to the loss of manufacturing jobs, according to our simulations.
Author: James K. Galbraith Publisher: Oxford University Press ISBN: 0190250496 Category : Business & Economics Languages : en Pages : 225
Book Description
Over the past thirty years, the issue of economic inequality has emerged from the backwaters of economics to claim center stage in the political discourse of America and beyond---a change prompted by a troubling fact: numerous measures of income inequality, especially in the United States in the last quarter of the twentieth century, have risen sharply in recent years. Even so, many people remain confused about what, exactly, politicians and media persons mean when they discuss inequality. What does "economic inequality" mean? How is it measured? Why should we care? Why did inequality rise in the United States? Is rising inequality an inevitable feature of capitalism? What should we do about it? Inequality: What Everyone Needs to Know takes up these questions and more in plain and clear language, bringing to life one of the great economic and political debates of our age. Inequality expert James K. Galbraith has compiled the latest economic research on inequality and explains his findings in a way that everyone can understand. He offers a comprehensive introduction to the study of economic inequality, including its philosophical and theoretical origins, the variety of concepts in wide use, empirical measures and their advantages and disadvantages, competing modern theories of the causes and effects of rising inequality in the United States and worldwide, and a range of policy measures. The topic of economic inequality is going to become only more important as we approach the 2016 presidential elections. This latest addition to the popular What Everyone Needs to Know series from Oxford University Press will tell you everything you need to know to make informed opinions on this significant issue.
Author: Jeremy Atack Publisher: ISBN: Category : Income distribution Languages : en Pages : 40
Book Description
We use data from the manuscript censuses of manufacturing for 1850, 1860, 1870, and 1880 to study the dispersion of average monthly wages across establishments. We find a marked increased in wage inequality over the period, an increase that cannot be explained by biases in the data or changes in census enumeration procedures. Based on log wage regressions on establishment characteristics we compute a decomposition of the change in wage inequality between 1850 and 1880. The decomposition reveals that changes in wage structure' the regression coefficients and the standard error of the residuals largely offset each: changes in the coefficients produced a reduction in wage inequality, while residual inequality increased. Most of the rise in wage inequality can be attributed to an increased concentration of employment in large establishments, which paid relatively low wages. We present indirect evidence that the negative effect of size on wages reflected differences in skill composition: workforces in large establishments were less skilled than in small establishments.
Author: Ewout Frankema Publisher: BRILL ISBN: 9004175911 Category : Social Science Languages : en Pages : 313
Book Description
The forces of industrialisation, urbanisation, globalisation and technological change have washed away the pre-modern outlook of most Latin American economies. Despite the improved opportunities of social mobility offered by economic modernisation, current income inequality levels (still) appear extraordinary high. Has Latin America always been unequal? Did the region fail to settle a longstanding account with its colonial past? Or should we be reluctant to point our finger so far back in time? In a comparative study of asset and income distribution Frankema shows that both the levels, and nature, of income inequality have changed significantly since 1870. Besides the deep historical roots of land and educational inequality, more recent demographic and political-institutional forces are taken on board to understand Latin America s distributive dynamics in the long twentieth century.
Author: James K. Galbraith Publisher: Oxford University Press ISBN: 0199855668 Category : Business & Economics Languages : en Pages : 339
Book Description
As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the "super-bubble" that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent-not just in the U.S. but the entire world. Inequality and Instability demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, James K. Galbraith brings new data to bear as never before, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, Galbraith shows that more equal societies systematically enjoy lower unemployment. He shows how this plays out inside Europe, between Europe and the United States, and in modern China. He explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans-which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue. A landmark work of research and original insight, Inequality and Instability will change forever the way we understand this pivotal topic.
Author: James K. Galbraith
Author: James K. Galbraith
Author: Jeremy Atack
Author: National Industrial Conference Board
Author: James K. Galbraith
Author: Natalija Novta
Author: James K. Galbraith
Author: Robert Andrew Margo
Author: Jeremy Atack
Author: Ewout Frankema
Author: James K. Galbraith