Income and Wealth Distribution: Overlooked Basics

Abstract

This article reviews the distribution of income and wealth in the US from three basic perspectives that tend to be otherwise overlooked if the subject is framed primarily on the basis of the gross statistics: a) quantity and quality of work effort; b) quantity and quality of capital accumulation; and c) upward and downward mobility. It is suggested that framing the analysis solely, or almost solely, on the basis of the gross statistics tends to mask basic facts and dynamics.