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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How has the inequality of income changed in the U.S. economy since the late 1970s?

To determine

Change in income inequality in U.S. economy since late 1970’s.

Explanation

Income inequality has been rising in the U.S. since World War II. Income inequality changed in 1970’s when wages among the highest earners grew faster than wages for everyone else. It continued to rise after the 1970’s.

The reason for the increase is believed to be that the less skilled American workers have been losing in the competition from low-wage workers of Asia and other developing economies...

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