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Inequality and Inclusive Growth in Rich CountriesShared Challenges and Contrasting Fortunes$
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Brian Nolan

Print publication date: 2018

Print ISBN-13: 9780198807032

Published to Oxford Scholarship Online: July 2018

DOI: 10.1093/oso/9780198807032.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 July 2021

America’s Great Decoupling

America’s Great Decoupling

Chapter:
(p.333) 12 America’s Great Decoupling
Source:
Inequality and Inclusive Growth in Rich Countries
Author(s):

Lane Kenworthy

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198807032.003.0012

This chapter sets out the significant extent to which the fruits of economic growth since the late 1970s have gone to the very top of the income distribution in the case of the United States. There has been little growth in real wages and incomes for most households, with dual earning being the main source of any such increase. The chapter identifies the growth in incomes at the very top as the main factor accounting for stagnation across the rest of the distribution, and discussed the range of channels through which this relationship operates, more and less directly. It also discusses broader debates about the extent to which real incomes are likely to reflect changes in living standards, and concludes that, while not telling the whole story, they remain central.

Keywords:   inequality, living standards, wage stagnation, top income shares, non-inclusive growth, rent-seeking, CEO pay, labour power

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