The 'Attainability Index' takes wage data from the past 20 years, together with the varying costs of goods and services, and determines how many hours a person would have to work to afford them.
Wage Compression Drives Nordic Income Equality
Income inequality in the Nordic countries — Denmark, Finland, Norway, and Sweden — is substantially lower than in the United States or the United Kingdom despite similar levels of per capita income. The Gini coefficient for disposable income in Nordic countries averages 0.27, compared to 0.39 in the US and 0.36 in the UK. In Income Equality in the Nordic Countries: Myths, Facts, and Lessons (NBER Working Paper 33444), Magne Mogstad, Kjell G. Salvanes, and Gaute Torsvik analyze the underlying source of these disparities. They employ detailed microeconomic data and statistical decomposition techniques and consider distributional statistics on income, wages, working hours, education, and skills across these countries.
Anthropic Economic Index: Insights from Claude 3.7 Sonnet
The second update from the Anthropic Economic Index
Unequal exchange of labour in the world economy
Researchers have argued that wealthy nations rely on a large net appropriation of labour and resources from the rest of the world through unequal exchange in international trade and global commodity chains. Here we assess this empirically by measuring flows of embodied labour in the world economy from 1995–2021, accounting for skill levels, sectors and wages. We find that, in 2021, the economies of the global North net-appropriated 826 billion hours of embodied labour from the global South, across all skill levels and sectors. The wage value of this net-appropriated labour was equivalent to €16.9 trillion in Northern prices, accounting for skill level. This appropriation roughly doubles the labour that is available for Northern consumption but drains the South of productive capacity that could be used instead for local human needs and development. Unequal exchange is understood to be driven in part by systematic wage inequalities. We find Southern wages are 87–95% lower than Northern wages for work of equal skill. While Southern workers contribute 90% of the labour that powers the world economy, they receive only 21% of global income.
AI is hitting UK harder than other big economies, study finds
Britain is losing more jobs than it creates owing to artificial intelligence, Morgan Stanley research suggests
AI Adoption and Inequality
There are competing narratives about artificial intelligence’s impact on inequality. Some argue AI will exacerbate economic disparities, while others suggest it could reduce inequality by primarily disrupting high-income jobs. Using household microdata and a calibrated task-based model, we show these narratives reflect different channels through which AI affects the economy. Unlike previous waves of automation that increased both wage and wealth inequality, AI could reduce wage inequality through the displacement of high-income workers. However, two factors may counter this effect: these workers’ tasks appear highly complementary with AI, potentially increasing their productivity, and they are better positioned to benefit from higher capital returns. When firms can choose how much AI to adopt, the wealth inequality effect is particularly pronounced, as the potential cost savings from automating high-wage tasks drive significantly higher adoption rates. Models that ignore this adoption decision risk understating the trade-off policymakers face between inequality and efficiency.
Economic Possibilities for our Grandchildren- John Maynard Keynes
We are suffering just now from a bad attack of economic pessimism. It is common to hear people say that the epoch of enormous economic progress which characterised the nineteenth century is over; that the rapid improvement in the standard of life is now going to slow down—at any rate in Great Britain; that a decline in prosperity is more likely than an improvement in the decade which lies ahead of us.
What Humanity Needs To Flourish In The Next Decade
We are headed toward a world of productivity without prosperity, execution without verification and capacity without constraint. But this outcome is not inevitable.
What Humanity Needs To Flourish In The Next Decade
We are headed toward a world of productivity without prosperity, execution without verification and capacity without constraint. But this outcome is not inevitable.
How Health Disparities Develop over the Lifecycle
In the Netherlands, there are striking socioeconomic differences in mortality among older adults, with a 4.4 percentage point (67 percent) higher five-year mortality rate for 70-year-old individuals with below-median income than for those with above-median income. To better understand the role of chronic disease in these health disparities, Kaveh Danesh, Jonathan T. Kolstad, William D. Parker, and Johannes Spinnewijn develop an index of chronic disease burden in The Chronic Disease Index: Analyzing Health Inequalities over the Lifecycle (NBER Working Paper 32577). This index is a measure of health status that can be measured earlier in life and shows how chronic health evolves with age and differs across income groups.
The Portfolio Ideal Worker: Insecurity and Inequality in the New Economy
This output contributes to the following UN Sustainable Development Goals (SDGs)
Economic Inequality
How is inequality measured, who produces key databases, and what does the data tell us?
Economic Inequality
How is inequality measured, who produces key databases, and what does the data tell us?
Data occupations with rapid employment growth, projected 2021–31
Data are everywhere. And data could be the focus of your career in one of these fast-growing occupations.
Why I Strive to be a 0.1x Engineer
There has been more discussion recently on the concept of a “10x engineer”. 10x engineers are, (from Quora) “the top tier of engineers that are 10x more productive than the average” Productivity I have observed that some people are able to get 10 times more done than me. However, I’d argue that individual productivity is... Read more »
Tech Jobs – Searchability UK
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How I estimate work as a staff software engineer
There’s a kind of polite fiction at the heart of the software industry. It goes something like this:
