Please join us in E530 Dealy to say goodbye to students and faculty leaving before next week’s official Economics Party (same location . Everyone is welcome to discuss Elephant shapes with plenty of Michaelanglo’s pizza. To mark this remarkable moment in history, we review and discuss the Elephant diagram (briefly) starting with Chris Giles three minute FT video (not cats). Does this now famous global growth incidence curve really explain recent populist backlash? Is it an Elephant or a Mastodon?
Don’t worry there is a happy ending… average OECD middle class workers incomes did not actually fall, they gained less, perhaps relative deprivation matters too…
What can we do? Nothing right now. So please come share a wonderful festive-beverage with Michelangelo’s pizza, freshly delivered at 7:20 and 9:20pm… (thanks finance guy).
If possible please RSVP to Anglea or email@example.com but come join us anyway, another pizza is just a phone call away. It will be fun.
Just in case you miss the party, here is the video and a few holiday readings (avoid the original 2015 World Bank article, they don’t even call it an elephant). Here is the confusing Chris Giles video, but at least he draws the elephant in real time…
Actually the best short summary is the Economists’ “Shooting an Elephant” which includes the real elephant photo above and this very clear chart, almost all we need really, except now we have a mastodon, not a modern elephant, as in the original.
References (sorry, not very cheerful i know):
DESA, U. N(2013). “Inequality matters. Report on the World Social Situation 2013.” New York, United Nations.
Economist (2016) Global inequality: Shooting an elephant via@TheEconomist
Lakner, Christoph, and Branko Milanovic (2016). “Response to Adam Corlett’s “Examining an elephant: globalisation and the lower middle class of the rich world”.
Milanovic, Branko, and Christopher Lakner (2015) “Global Income Distribution: From the Fall of the Berlin Wall to the Great Recession” The World Bank Economic Review 30 (2): 203-232. doi: 10.1093/wber/lhv03 http://class.povertylectures.com/WB_publication.pdf
Milanovic, Branko (2011). Worlds apart: Measuring international and global inequality. Princeton University Press.
Milanovic, Branko (2016) Global inequality: A new approach for the age of globalization, Harvard University Press.
Piketty, Thomas(2014). “Capital in the 21st Century.” Cambridge: Harvard University Figures
Porter, Eduardo (2014). A global boom, but only for some. New York Times.
Porter, Eduardo (2016). On Trade, Angry Voters Have a Point, NY Times, March 16th Wynne, Mark A2011). “Will China ever become as rich as the US?” Economic Letter, 6.
Tuesday Oct. 18th 4pm E-530 Dealy Please join us as Yale Professor Michael Peters examines the development impacts of one of the 20th Century’s largest population transfers. A preliminary draft of this paper is available here. After WWII more than 8 million Germans were were transferred to Western Germany from the Eastern provinces. Data from the 1960s and 70s shows that East German refugees experienced substantial reallocation into unskilled occupations. This illustrates how firms respond to large changes in labor supply. “In the short-run, falling wages induce firms to substitute towards the abundant factor. In the long-run however, firms’ labor demand will depend on their technological adoption decisions. If firms’ technological choices are affected by the labor supply they face, labor supply shifts will induce movements in aggregate labor demand… this reasoning is at the heart of the literature on endogenous technological bias (Acemoglu, 2007).” This paper exploits a large labor supply shock to test for this sort of endogenous technological change…
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