Donnerstag, 20. März 2014

Median-Einkommen und Wertpapierbesitz in den USA

Die Verteilung des Einkommens auf Arbeit und Kapital hat sich in den USA seit 1980 dramatisch verändert.

Atif Mian and Amir Sufi fassen das Wichtigste in zwei Blog-Beiträgen (hier und hier) von gestern und heute zusammen.

"The gains in productivity were quite widely shared from 1947 to 1980. Real income for the median U.S. family doubled during this time just as output per hour of work performed doubled. The rising tide was lifting all boats.

However, what we want to focus on today is the remarkable separation in productivity and median real income since 1980. While the United States is producing twice as much per hour of work today compared to 1980, a small part of the gain in real income has gone to the bottom half of the income distribution. The gap between productivity and median real income is at an historic all-time high today.

So where are all of the gains in productivity going? Two places:

First, owners of capital are getting a bigger share of GDP than before. In other words, the share of profits has risen faster than wages. Second, the highest paid workers are getting a bigger share of the wages that go to labor.

The net result is that families at the higher end of the income distribution have received more of the income produced by the economy since the 1980s. The latter fact has been documented meticulously by the brilliant research of Thomas Piketty and Emmanuel Saez."
 "The top 20% of the wealth distribution holds over 85% of the financial assets in the economy. So it is clear that the direct income from capital goes to the wealthiest American households. [...] He [Edward Wolff] shows that the share of financial assets held by the top 20% of the wealth distribution has been increasing since 1983."

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