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• W304730461 abstract "Money- Who Has How Much and Why Andrew Hacker Touchstone, 1997 Andrew Hacker provides a pleasant, readable answer to the question of who has how much and why for the United States. While the source for the data is primarily U.S. government documents and other standard sources, there is only a brief list of sources and no detailed footnotes. However, the basic statistics seem to be correct. It is in these figures that much of the fascination of the book lies. The book provides a delightful supply of information about who makes what, and who has what. The book provides very little information about incomes outside of the United States. However, what is does provide is important. In 1995 the U.S. gross domestic product per capita was sixth in the world (with the leaders in order being Switzerland, Japan, Norway, Denmark, and Germany). In 1970 the U.S. was comfortably ahead of all other countries. However, when measured in terms of purchasing power, the U.S. still leads the world, although by a smaller margin. While Hacker attributes the difference to one of prices (U.S. prices are lower relative to wages), on a more fundamental basis the difference is that the U.S. is consuming a higher proportion of its output (and investing less) than most other industrialized countries. Hacker makes the point that the average income of the families in which children are being raised is much lower than the average income for adults, because the lower income individuals have more children. A third of all children are being raised in families where the average income is below $25,000. Of course, he fails to mention what this implies for the future, given how much family income is affected by genetics (see Pearson 1997, Lynn, 1996 for evidence on this, or the summary in Miller 1997). One of the messages of the book is that U.S. incomes are frequently distributed in highly arbitrary ways. One table shows the starting salaries for lawyers. Associates' earnings ranges from 2.1 to 2.4 times the average earnings in the city, but the rate for partners ranges from 11.5 times in Milwaukee on up to 39.9 as much in New York. Thus, profits per partner in New York's wealthiest firm are $1,595,000, while they are only $310,000 in Milwaukee. Another table shows the average full professor's earnings in different states, ranging from $47,900 for the main state campuses in North Dakota to $90,800 in New Jersey. One of the themes of the book is that income is unevenly distributed, and the distribution is becoming even less even. In the first few pages we learn that the top 20% of U.S. households (those with over $115,514 in 1996 income) earn 49.0% of the total income. It is documented that income inequality has become more unequal, with the lowest fifth (below $8,596) having actually had their income (in 1996 dollars) decline slightly since 1976, while the other quintiles saw an increase. Interesting, the median income for men declined from $24,898 to $23,834 during the same period. This small decline in the median is consistent with the average male income having gone up, because the higher income males saw their incomes rise by more than lower income males saw their's decline. A fascinating chapter discusses the 68,064 income tax forms (1994) that reported over a million dollars in income - not mere millionaires ($1,000,000 in wealth) - filed by those whose yearly incomes exceeded one million dollars. In 1979 there were only 13,505 (about a fifth as many) returns with equivalent incomes (based on the author' calculation that $500,000 was the 1979 equivalent of a million current dollars). Among the fascinating trivia is that charitable donations from this group averaged only 4% of income, and that only 13% of this group reported no income from work (i.e. the idle rich). Hacker fairly notes that many of these may have been too old to work, pointing out that 15% were over 70 and collecting social security. …" @default.
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• W304730461 title "Money: A Review" @default.
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