Seven Degrees from Normal

Two people, eighteen years of marriage, seven college degrees.

Monday, June 05, 2006

The rich get richer and the stats get more unreliable

Barry summarizes a good piece in the NYT about why the economy looks so good, according to government stats, and feels so awful, according to thos of us living in it. It makes a simple and convincing case; the kicker is:
In addition, aggregates generally are averages, which are of declining utility in an economy characterized by greater inequality of income and assets.
So that's why the indicators are off--they were devised for the more equitable income distribution we used to have in this country, but don't anymore.


Post a Comment

<< Home