To many conservatives, recent attention paid to income inequality is at best a distraction from the real challenge of growth and innovation. But in reality these issues are inextricably linked. The development of new and better kinds of products is key to producing long-term economic growth. But determining what kind of products to develop and bring to market hinges crucially on whether or not people will be able to buy them.In another column, he cites the recent work of economists Raj Chetty and Emmanuel Saez and the forthcoming work of Gregory Clark.
Now today we get the new conventional wisdom, which says that America is a low-mobility country but has been this way for a while.
I'd like to put on the table a different research program, associated with UC–Davis economic historian Gregory Clark, which argues that economic mobility is low almost everywhere.