In my latest EconLib article, I first walk through the basics of income and capital accounting. (Even if you think this is standard stuff, you might want to skim it because there are some subtleties.) Then I give three examples of how people often get mixed up about what the empirical evidence means. In particular, I offer a theory to explain why the new Saez-Zucman measure of wealth inequality departs so dramatically from what used to be the gold standard, the Kopczuk-Saez measure (based on estate tax returns).
07 Jul 2014
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