@lowca_randroidow: A co myślisz o tym badaniu?
The claim that the standard of living of middle Americans has stagnated over the past generation is common. An accompanying assertion is that virtually all income growth over the past three decades bypassed middle America and accrued almost entirely to the rich.
The findings reported here—and summarized in Chart 8—refute those claims. Careful analysis shows that the incomes of most types of middle American households have increased substantially over the past three decades. These results are consistent with recent research showing that the largest income increases occurred at the top end of the income distribution. But the outsized gains of the rich do not mean that middle America stagnated.
Jest coś nie tak z metodologią?
It is widely believed that in the US wage growth has fallen massively behind productivity growth.
Recently, it has also been suggested that the UK is starting to follow the same path. Analysts point to
the much faster growth of GDP per hour than median wages. We distinguish between “net
decoupling” – the difference in growth of GDP per hour deflated by the GDP deflator and average
compensation deflated by the same index - and “gross decoupling” – the difference in growth of GDP
per hour deflated by the GDP deflator and median wages deflated by a measure of consumer price
inflation. We would expect that over the long-run real compensation growth deflated by the producer
price (the labour costs that employers face) should track real labour productivity growth (value added
per hour), so net decoupling should only occur if labour’s share falls as a proportion of gross GDP,
something that rarely happens over sustained periods. We show that over the past 40 years that there
is almost no net decoupling in the UK, although there is evidence of substantial gross decoupling in
the US and, to a lesser extent, in the UK. This difference between gross and net decoupling can be
accounted for essentially three factors (i) compensation inequality (which means the average
compensation is growing faster than the median compensation), (ii) the wedge between compensation
(which includes employer-provided benefits like pensions and health insurance) and wages which do
not and (iii) differences in the GDP deflator and the consumer price deflator (i.e. producer wages and
consumption wages). These three factors explain basically ALL of the gross decoupling leaving only
a small amount of “net decoupling”. The first two factors are important in both countries, whereas the
difference in price deflators is only important in the US.
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