Thursday, March 15, 2007

The Leisure Class

Steven Landsburg points out:
the biggest leisure gains have gone precisely to those with the most stagnant incomes—that is, the least skilled and the least educated. And conversely, the smallest leisure gains have been concentrated among the most educated, the same group that's had the biggest gains in income.
This fact seems consistent with the fact from Saez and Piketty that there has been "a sharp change in the composition of top incomes away from capital income and toward labor income."