{"id":4019,"date":"2018-06-03T13:30:02","date_gmt":"2018-06-03T13:30:02","guid":{"rendered":"https:\/\/www.novonon.com\/blog\/2018\/06\/03\/the-birth-of-the-new-american-aristocracy-the-atlantic\/"},"modified":"2018-06-03T13:30:02","modified_gmt":"2018-06-03T13:30:02","slug":"the-birth-of-the-new-american-aristocracy-the-atlantic","status":"publish","type":"post","link":"https:\/\/www.novonon.com\/blog\/2018\/06\/03\/the-birth-of-the-new-american-aristocracy-the-atlantic\/","title":{"rendered":"The Birth of the New American Aristocracy – The Atlantic"},"content":{"rendered":"

<\/p>\n

There are a whole lot of interesting and troubling statistics in this discussion of social mobility and inequality in the US.<\/p>\n

\n

Imagine yourself on the socioeconomic ladder with one end of a rubber band around your ankle and the other around your parents\u2019 rung. The strength of the rubber determines how hard it is for you to escape the rung on which you were born. If your parents are high on the ladder, the band will pull you up should you fall; if they are low, it will drag you down when you start to rise. Economists represent this concept with a number they call \u201cintergenerational earnings elasticity,\u201d or IGE, which measures how much of a child\u2019s deviation from average income can be accounted for by the parents\u2019 income. An IGE of zero means that there\u2019s no relationship at all between parents\u2019 income and that of their offspring. An IGE of one says that the destiny of a child is to end up right where she came into the world.<\/p>\n

According to Miles Corak, an economics professor at the City University of New York, <\/span>half a century ago IGE in America was less than 0.3<\/a>. Today, it is about 0.5. In America, the game is half over once you\u2019ve selected your parents. IGE is now higher here than in almost every other developed economy. On this measure of economic mobility, the United States is more like Chile or Argentina than Japan or Germany.<\/p>\n<\/blockquote>\n

https:\/\/www.theatlantic.com\/magazine\/archive\/2018\/06\/the-birth-of-a-new-american-aristocracy\/559130\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are a whole lot of interesting and troubling statistics in this discussion of social mobility and inequality in the US. Imagine yourself on the socioeconomic ladder with one end of a rubber band around your ankle and the other around your parents\u2019 rung. The strength of the rubber determines how hard it is for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-4019","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p3pfIY-12P","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts\/4019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/comments?post=4019"}],"version-history":[{"count":0,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts\/4019\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/media?parent=4019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/categories?post=4019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/tags?post=4019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}