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- W2183762425 abstract "The sharp contraction in income inequality during the 1940s was the largest and fastest compression of the distribution of income in the US of the twentieth century. During this period, the labor income of top earners fell significantly relative to the rest of the workforce. We study this narrowing at the top of the income distribution using a new dataset on the compensation of top executives. Relative to average annual earnings in the economy, median executive pay declined by 0.34 log points from 1940 to 1949. Exploring various explanations for this compression, we find that government regulation—including explicit salary restrictions and taxation—had at best a modest direct effect in constraining top incomes. Instead, a decline in the returns to firm size and an increase in the power of labor unions contributed greatly to the compression in executive pay relative to other workers’ earnings. These factors also restrained growth in executive pay through at least the 1950s." @default.
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- W2183762425 date "2010-01-01" @default.
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- W2183762425 title "The Compression in Top Income Inequality during the 1940s" @default.
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