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Economic Evolution and Revolution in Historical Time$
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Paul W. Rhode, Joshua L. Rosenbloom, and David F. Weiman

Print publication date: 2011

Print ISBN-13: 9780804771856

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804771856.001.0001

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Inequality and Institutions in Twentieth-Century America

Inequality and Institutions in Twentieth-Century America

(p.357) Chapter 14 Inequality and Institutions in Twentieth-Century America
Economic Evolution and Revolution in Historical Time

Frank Levy

Peter Temin

Stanford University Press

This chapter analyzes why inequality has increased in the United States since 1980. It discusses earnings levels and inequality, in which skill-biased technical change, globalization, and related factors function within an institutional framework, first presenting evidence that shows stagnating real wages for well-educated men. The chapter then describes the institutional arrangements that originated in the Great Depression and which helped to distribute productivity gains broadly from 1947 to 1973. It also discusses the way in which the post-1973 productivity slowdown and associated stagflation ultimately led to the collapse of institutional arrangements.

Keywords:   inequality, United States, earnings, equality, technical change, globalization, wages, Great Depression, productivity gains, stagflation

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