Andrew Hacker reviews several new books on class and inequality in the NY Review of Books. The table below summarizes both upward and downward mobility from a recent study. I've seen claims that social mobility in the US has decreased, and is now less than in some european countries (particularly Scandinavian countries in which university education is free). Nevertheless, you can see that about a third of kids from the top or bottom quintile will jump by two or more quintiles in their lives (the poor kids moving up and the rich kids falling from affluence). Furthermore, the distributions are relatively symmetric.
(BTW, the article by physicist Jeremy Bernstein on nuclear weapons and intelligence failures in the same issue is very good.)
Pessimism of the Intellect, Optimism of the Will Favorite posts | Manifold podcast | Twitter: @hsu_steve
Subscribe to:
Post Comments (Atom)
Blog Archive
Labels
- physics (420)
- genetics (325)
- globalization (301)
- genomics (295)
- technology (282)
- brainpower (280)
- finance (275)
- american society (261)
- China (249)
- innovation (231)
- ai (206)
- economics (202)
- psychometrics (190)
- science (172)
- psychology (169)
- machine learning (166)
- biology (163)
- photos (162)
- genetic engineering (150)
- universities (150)
- travel (144)
- podcasts (143)
- higher education (141)
- startups (139)
- human capital (127)
- geopolitics (124)
- credit crisis (115)
- political correctness (108)
- iq (107)
- quantum mechanics (107)
- cognitive science (103)
- autobiographical (97)
- politics (93)
- careers (90)
- bounded rationality (88)
- social science (86)
- history of science (85)
- realpolitik (85)
- statistics (83)
- elitism (81)
- talks (80)
- evolution (79)
- credit crunch (78)
- biotech (76)
- genius (76)
- gilded age (73)
- income inequality (73)
- caltech (68)
- books (64)
- academia (62)
- history (61)
- intellectual history (61)
- MSU (60)
- sci fi (60)
- harvard (58)
- silicon valley (58)
- mma (57)
- mathematics (55)
- education (53)
- video (52)
- kids (51)
- bgi (48)
- black holes (48)
- cdo (45)
- derivatives (43)
- neuroscience (43)
- affirmative action (42)
- behavioral economics (42)
- economic history (42)
- literature (42)
- nuclear weapons (42)
- computing (41)
- jiujitsu (41)
- physical training (40)
- film (39)
- many worlds (39)
- quantum field theory (39)
- expert prediction (37)
- ufc (37)
- bjj (36)
- bubbles (36)
- mortgages (36)
- google (35)
- race relations (35)
- hedge funds (34)
- security (34)
- von Neumann (34)
- meritocracy (31)
- feynman (30)
- quants (30)
- taiwan (30)
- efficient markets (29)
- foo camp (29)
- movies (29)
- sports (29)
- music (28)
- singularity (27)
- entrepreneurs (26)
- conferences (25)
- housing (25)
- obama (25)
- subprime (25)
- venture capital (25)
- berkeley (24)
- epidemics (24)
- war (24)
- wall street (23)
- athletics (22)
- russia (22)
- ultimate fighting (22)
- cds (20)
- internet (20)
- new yorker (20)
- blogging (19)
- japan (19)
- scifoo (19)
- christmas (18)
- dna (18)
- gender (18)
- goldman sachs (18)
- university of oregon (18)
- cold war (17)
- cryptography (17)
- freeman dyson (17)
- smpy (17)
- treasury bailout (17)
- algorithms (16)
- autism (16)
- personality (16)
- privacy (16)
- Fermi problems (15)
- cosmology (15)
- happiness (15)
- height (15)
- india (15)
- oppenheimer (15)
- probability (15)
- social networks (15)
- wwii (15)
- fitness (14)
- government (14)
- les grandes ecoles (14)
- neanderthals (14)
- quantum computers (14)
- blade runner (13)
- chess (13)
- hedonic treadmill (13)
- nsa (13)
- philosophy of mind (13)
- research (13)
- aspergers (12)
- climate change (12)
- harvard society of fellows (12)
- malcolm gladwell (12)
- net worth (12)
- nobel prize (12)
- pseudoscience (12)
- Einstein (11)
- art (11)
- democracy (11)
- entropy (11)
- geeks (11)
- string theory (11)
- television (11)
- Go (10)
- ability (10)
- complexity (10)
- dating (10)
- energy (10)
- football (10)
- france (10)
- italy (10)
- mutants (10)
- nerds (10)
- olympics (10)
- pop culture (10)
- crossfit (9)
- encryption (9)
- eugene (9)
- flynn effect (9)
- james salter (9)
- simulation (9)
- tail risk (9)
- turing test (9)
- alan turing (8)
- alpha (8)
- ashkenazim (8)
- data mining (8)
- determinism (8)
- environmentalism (8)
- games (8)
- keynes (8)
- manhattan (8)
- new york times (8)
- pca (8)
- philip k. dick (8)
- qcd (8)
- real estate (8)
- robot genius (8)
- success (8)
- usain bolt (8)
- Iran (7)
- aig (7)
- basketball (7)
- free will (7)
- fx (7)
- game theory (7)
- hugh everett (7)
- inequality (7)
- information theory (7)
- iraq war (7)
- markets (7)
- paris (7)
- patents (7)
- poker (7)
- teaching (7)
- vietnam war (7)
- volatility (7)
- anthropic principle (6)
- bayes (6)
- class (6)
- drones (6)
- econtalk (6)
- empire (6)
- global warming (6)
- godel (6)
- intellectual property (6)
- nassim taleb (6)
- noam chomsky (6)
- prostitution (6)
- rationality (6)
- academia sinica (5)
- bobby fischer (5)
- demographics (5)
- fake alpha (5)
- kasparov (5)
- luck (5)
- nonlinearity (5)
- perimeter institute (5)
- renaissance technologies (5)
- sad but true (5)
- software development (5)
- solar energy (5)
- warren buffet (5)
- 100m (4)
- Poincare (4)
- assortative mating (4)
- bill gates (4)
- borges (4)
- cambridge uk (4)
- censorship (4)
- charles darwin (4)
- computers (4)
- creativity (4)
- hormones (4)
- humor (4)
- judo (4)
- kerviel (4)
- microsoft (4)
- mixed martial arts (4)
- monsters (4)
- moore's law (4)
- soros (4)
- supercomputers (4)
- trento (4)
- 200m (3)
- babies (3)
- brain drain (3)
- charlie munger (3)
- cheng ting hsu (3)
- chet baker (3)
- correlation (3)
- ecosystems (3)
- equity risk premium (3)
- facebook (3)
- fannie (3)
- feminism (3)
- fst (3)
- intellectual ventures (3)
- jim simons (3)
- language (3)
- lee kwan yew (3)
- lewontin fallacy (3)
- lhc (3)
- magic (3)
- michael lewis (3)
- mit (3)
- nathan myhrvold (3)
- neal stephenson (3)
- olympiads (3)
- path integrals (3)
- risk preference (3)
- search (3)
- sec (3)
- sivs (3)
- society generale (3)
- systemic risk (3)
- thailand (3)
- twitter (3)
- alibaba (2)
- bear stearns (2)
- bruce springsteen (2)
- charles babbage (2)
- cloning (2)
- david mamet (2)
- digital books (2)
- donald mackenzie (2)
- drugs (2)
- dune (2)
- exchange rates (2)
- frauds (2)
- freddie (2)
- gaussian copula (2)
- heinlein (2)
- industrial revolution (2)
- james watson (2)
- ltcm (2)
- mating (2)
- mba (2)
- mccain (2)
- monkeys (2)
- national character (2)
- nicholas metropolis (2)
- no holds barred (2)
- offices (2)
- oligarchs (2)
- palin (2)
- population structure (2)
- prisoner's dilemma (2)
- singapore (2)
- skidelsky (2)
- socgen (2)
- sprints (2)
- star wars (2)
- ussr (2)
- variance (2)
- virtual reality (2)
- war nerd (2)
- abx (1)
- anathem (1)
- andrew lo (1)
- antikythera mechanism (1)
- athens (1)
- atlas shrugged (1)
- ayn rand (1)
- bay area (1)
- beats (1)
- book search (1)
- bunnie huang (1)
- car dealers (1)
- carlos slim (1)
- catastrophe bonds (1)
- cdos (1)
- ces 2008 (1)
- chance (1)
- children (1)
- cochran-harpending (1)
- cpi (1)
- david x. li (1)
- dick cavett (1)
- dolomites (1)
- eharmony (1)
- eliot spitzer (1)
- escorts (1)
- faces (1)
- fads (1)
- favorite posts (1)
- fiber optic cable (1)
- francis crick (1)
- gary brecher (1)
- gizmos (1)
- greece (1)
- greenspan (1)
- hypocrisy (1)
- igon value (1)
- iit (1)
- inflation (1)
- information asymmetry (1)
- iphone (1)
- jack kerouac (1)
- jaynes (1)
- jazz (1)
- jfk (1)
- john dolan (1)
- john kerry (1)
- john paulson (1)
- john searle (1)
- john tierney (1)
- jonathan littell (1)
- las vegas (1)
- lawyers (1)
- lehman auction (1)
- les bienveillantes (1)
- lowell wood (1)
- lse (1)
- machine (1)
- mcgeorge bundy (1)
- mexico (1)
- michael jackson (1)
- mickey rourke (1)
- migration (1)
- money:tech (1)
- myron scholes (1)
- netwon institute (1)
- networks (1)
- newton institute (1)
- nfl (1)
- oliver stone (1)
- phil gramm (1)
- philanthropy (1)
- philip greenspun (1)
- portfolio theory (1)
- power laws (1)
- pyschology (1)
- randomness (1)
- recession (1)
- sales (1)
- skype (1)
- standard deviation (1)
- starship troopers (1)
- students today (1)
- teleportation (1)
- tierney lab blog (1)
- tomonaga (1)
- tyler cowen (1)
- venice (1)
- violence (1)
- virtual meetings (1)
- wealth effect (1)
6 comments:
It would be nice to see what areas exactly allowed poor kids to jump up. I bet it's basketball and football...
Well, you can see that 7% of lowest quintile kids make it into the top quintile. There is no way 7% of poor kids make it into professional sports, so most of them must be in the mainstream economy.
Do you really believ that 7% of poor families children make it up to top level by economy?
It's almost 1 in every 10 kids. How many kids you know like this?
On the other side, a professional athlete usually takes care of his entire family. And you have a steady inflow of these atheletes every year.
7% make it to the *top quintile*. That is not the very rich, probably just over $100k in family income. If you have two wage earners, you just need reasonably good jobs (fireman, school teacher, middle manager, etc.), nothing spectacular.
If you are somewhat smart and motivated, you can, e.g., join the military, get a decent education, work hard, and get there, even if you start in the bottom quintile.
You are right that one athlete might lift another 10 people out of poverty. But I think much fewer than .1 percent of kids can become professional athletes, so even then the effect is negligible relative to 7%.
I wonder how many of the bottom quintile to top quintile ones are from immigrant families. I would guess that accounts for more than basketball.
Anonymous makes a good point: more details about poor quintile making it way up is needed.
Post a Comment