Daron Acemoglu on Inequality14 December, 2011 at 23:29 | Posted in Economics | 4 Comments
In an interview in The Browser, MIT economics professor Daron Acemoglu says:
The trend towards inequality over the last 50 years has been very similar in the Anglo-Saxon economies, though it’s important to say that it’s not just an Anglo-Saxon phenomenon. There are similar trends in many economies, though there are a few that haven’t experienced it to any notable extent.
Finland and Sweden … The share of the national income that the top one percentile captures is significantly lower.
But plotting data from The World Top Incomes Database rather suggests something different, I would say:
The average annual percentage growth rate 1981-2007 was 4% in Finland and 2.1% in Sweden (in UK and in the US: 2.9%). Now, isn’t that an indication of Finland and Sweden also experiencing growing inequality to a “notable extent”?