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    If it has become more important to work for a top firm, and if top firms prefer to hire from certain schools, the importance of graduating from those schools increases.

    If You Want to Be Part of the Top 1 Percent, You'd Better Be Working For a Top 1 Percent Firm
    By Kevin Drum
    Mother Jones
    May 29, 2015

    Quote
    Basically a group of researchers at NBER have concluded that inequality between firms has skyrocketed, and employees of those firms all go along for the ride. A small number of "super firms" have become enormously successful, and within these super firms inequality between the CEO and the worker bees hasn't changed much at all. They pay all their employees more than the average firm, from the CEO down.

    The chart on the right tells the story. Ignore the green line for the moment and just look at the blue and red lines. The red line shows that the top tenth of firms have far outperformed everyone else. The blue line shows that workers follow the same pattern. The ones who work for the top firms get paid a lot more than the folks who work for average firms.

    As it turns out, some industries have more super firms than others and thus contribute more to growing income inequality. The FIRE sector—Finance, Insurance, Real Estate—is the most obvious example. Both firm revenue and individual compensation has gone up far more than in any sector. But other sectors have their superstars too, and individuals at those firms get paid a lot more than a similar worker at a firm that's not doing so well.
    The paper is

    Firming Up Inequality
    Jae Song, David J. Price, Fatih Guvenen, Nicholas Bloom
    NBER Working Paper No. 21199
    Issued in May 2015

    Here is the abstract.
    Quote
    Earnings inequality in the United States has increased rapidly over the last three decades, but little is known about the role of firms in this trend. For example, how much of the rise in earnings inequality can be attributed to rising dispersion between firms in the average wages they pay, and how much is due to rising wage dispersion among workers within firms? Similarly, how did rising inequality affect the wage earnings of different types of workers working for the same employer—men vs. women, young vs. old, new hires vs. senior employees, and so on? To address questions like these, we begin by constructing a matched employer-employee data set for the United States using administrative records. Covering all U.S. firms between 1978 to 2012, we show that virtually all of the rise in earnings dispersion between workers is accounted for by increasing dispersion in average wages paid by the employers of these individuals. In contrast, pay differences within employers have remained virtually unchanged, a finding that is robust across industries, geographical regions, and firm size groups. Furthermore, the wage gap between the most highly paid employees within these firms (CEOs and high level executives) and the average employee has increased only by a small amount, refuting oft-made claims that such widening gaps account for a large fraction of rising inequality in the population.

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    How much money you make is who you are?

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    No-- but it is how much you are worth.


    Schrödinger's cat walks into a bar. And doesn't.
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    Well - not to nit pick - it's how many DOLLARS you are worth. Not how much you are worth. That's a much more complicated analysis. But maybe that's what you meant anyway. I need more coffee.

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    Originally Posted by HowlerKarma
    Silly Jon. Harvard is merely second best in terms of the mostest rejection letters to applicants, anyway. Stanford is number one now. I'm sure that they can do even BETTER next year, though. I think that they are determined to stay number one, which is probably why they are encouraging more "low income" students to apply.

    wink

    Really? That is something I did not know.

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    Originally Posted by JonLaw
    How much money you make is who you are?
    Originally Posted by HowlerKarma
    No-- but it is how much you are worth.
    Someone thinking in dynastic terms would prefer the metric

    net worth + expected net worth of one's offspring.

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    Originally Posted by suevv
    Well - not to nit pick - it's how many DOLLARS you are worth. Not how much you are worth. That's a much more complicated analysis. But maybe that's what you meant anyway. I need more coffee.

    Silly Sue. Your income is obviously what you are worth as an individual. This is why university administrators must earn so much: they are worthy. Faculty are not. If the faculty were more worthy, they would earn more. It is that simple. And of course, in that case there would be no adjuncts, who have even less intrinsic value, because if they had more, they wouldn't be adjuncts earning peanuts. It is simply their fault.

    The bankers clearly have high intrinsic value, which is why they get big bonuses. As for bringing down the world economy, that's okay, because the 99.99% of people who suffered didn't earn much anyway, which means that they have less value. So really, when you look at the issue in the right way, the great recession is their fault for destroying innovation, not the bankers.

    Do you understand now?

    /snark

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    Exactly. It was really a sort of cosmic justice at work, viewed correctly.

    All of those misanthropic little people* should be nominated for Darwin Awards, when you get right down to it.



    *albeit collectively, for none of them is even worthy of this much attention on their own measly ant-like behalf


    Schrödinger's cat walks into a bar. And doesn't.
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    Originally Posted by suevv
    Well - not to nit pick - it's how many DOLLARS you are worth. Not how much you are worth. That's a much more complicated analysis. But maybe that's what you meant anyway. I need more coffee.

    No, they're both the same thing, because if you're not contributing to the global hyper-economy by acquiring expensive baubles to make your neighbors feel bad about how little they're contributing to the global hyper-economy, what good are you?

    Did I do it right, Jon?

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    Originally Posted by Dude
    Originally Posted by suevv
    Well - not to nit pick - it's how many DOLLARS you are worth. Not how much you are worth. That's a much more complicated analysis. But maybe that's what you meant anyway. I need more coffee.

    No, they're both the same thing, because if you're not contributing to the global hyper-economy by acquiring expensive baubles to make your neighbors feel bad about how little they're contributing to the global hyper-economy, what good are you?

    Did I do it right, Jon?

    Almost.

    It's the global financial hyper-economy.

    You really need to stress the importance of the financial sector because talent.


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