Comparing share of wealth by region/countries
Instead of income this graph focuses on personal net worth. I found the pie chart at Metrics 2.0, depicting the share of personal wealth by region in 2000.
Average wealth amounted to $144,000 per person in the USA in year 2000, and $181,000 in Japan. Lower down among countries with wealth data are India, with per capita assets of $1,100, and Indonesia with $1,400 per capita.
[tags]wealth, net worth[/tags]
Share of GDP: China, India, Japan, Latin America, Western Europe, United States
After coming across this graph about the share of world GDP (China, India, and US), I started to wonder what was the percentage back to 1500? The graph below shows the share of GDP over the last 500 years for China, India, Japan, Latin America, Western Europe, and United States. (Keep in mind that the change in population size will effect the size of the GDP)
{Click on the image to take a closer look}
Data estimates for GDP from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
See also:
Last 2,000 years of growth in world income and population
[tags]GDP, China, India, Japan, Latin America, United States, Western Europe[/tags]
Share of Population Growth: China, India, Africa, Latin America, Western Europe, United States
Here, I have graphed the percent of world population over the last 500 years for China, India, Africa, Latin America, Western Europe, and United States. This is a companion graph to Comparing Population Growth: China, India, Africa, Latin America, Western Europe, United States
{Click on the image to take a closer look}
See also: China: 2,000 Years of Income and Population Growth Last 2,000 years of growth in world income and population
Data estimates for population from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
[tags]population, China, India, Africa, Latin America, United States, Western Europe[/tags]
United States vs Great Britain (Revised)
I am revisiting my previous graph United States vs Great Britain: Income and Population since 1500. In my original graph, I placed population on the y-axis which emphasizes its dramatic growth in the US. In the new graph, I placed GDP per Capita on the y-axis which emphasizes the growth in income in both countries. Take a look below at both versions and let me know which you prefer:
New Version: GDP per Capita on the y-axis {Click on the image to take a closer look}
Original Version: Population on the y-axis {Click on the image to take a closer look}
See also:
United States: 500 Years of Income and Population Growth
Comparing Population Growth: China, India, Africa, Latin America, Western Europe, United States
China: 2,000 Years of Income and Population Growth
Last 2,000 years of growth in world income and population
Data estimates for population from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
[tags]population, income, United States, United Kingdom, Great Britain[/tags]<img
United States vs Great Britain: Income and Population since 1500
Comparing United States vs Great Britain's income and population over the last 500 years shows how the US eventually over took Britain. Keep in mind that GDP per Capita for both countries are in 1990 international Geary-Khamis dollars, calculated from purchasing power parities (PPPs) of currencies and average prices of commodities.
{Click on the image to take a closer look}
See also: United States: 500 Years of Income and Population Growth Comparing Population Growth: China, India, Africa, Latin America, Western Europe, United States China: 2,000 Years of Income and Population Growth Last 2,000 years of growth in world income and population
Data estimates for population from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
United States: 500 Years of Income and Population Growth
Graphing the change in United States' income and population over the last 500 years:
{Click on the image to take a closer look}
See also: Comparing Population Growth: China, India, Africa, Latin America, Western Europe, United States China: 2,000 Years of Income and Population Growth Last 2,000 years of growth in world income and population
Data estimates for population from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
[tags]population, income, United States[/tags]
Comparing Population Growth: China, India, Africa, Latin America, Western Europe, United States
This graph shows the dramatic change in population over the last 500 years in China, India, Africa, Latin America, Western Europe, and United States. (Note: the dip in 1950 of India's population was due to the partitioning of India creating Pakistan.)
{Click on the image to take a closer look}
See also: China: 2,000 Years of Income and Population Growth Last 2,000 years of growth in world income and population
Data estimates for population from Angus Maddison Emeritus Professor, Faculty of Economics, University of Groningen.
[tags]population, China, India, Africa, Latin America, United States, Western Europe[/tags]
Income Inequality in the news
After my previous post about the U.S News & World Report article about economic anxiety, I decided (just for fun) to do a quick survey of several mainstream media sites for references to income inequality. Here are the results: From the Washington Post:
Reward for the Hereditary Elite
The nation faces rising inequality. Since 1980 the gap between the earnings of the top fifth and the bottom fifth has jumped by almost 50 percent. The United States is by some measures the most unequal society in the rich world and the most unequal that it's been since the 1920s. What is the dumbest possible response to this? Identify the most progressive federal tax and repeal it.
U.S. Losing it's Middle Class Neighborhoods
In their place, poor and rich neighborhoods are both on the rise, as cities and suburbs have become increasingly segregated by income, according to a Brookings Institution study released Thursday. It found that as a share of all urban and suburban neighborhoods, middle-income neighborhoods in the nation's 100 largest metro areas have declined from 58 percent in 1970 to 41 percent in 2000.
James P. Smith of Rand Corp. has shown that the children and grandchildren of Latino immigrants come very close to closing educational and income gaps with native whites. This is the same as it has always been in American immigration: Newcomers know what keeps them outside the mainstream and work hard to make sure that their children do better. Immigrant Latino men make about half of what native whites do; their grandsons earn about 78 percent of the salaries of their native white friends.
Previous research has shown that people are more trusting of each other in more economically equal states. Participation in community life is greater, social supports are stronger and levels of violence are lower. "The higher violence and lower trust all suggest that social relations are poorer in more unequal societies," continues Wilkinson, author of "The Impact of Inequality: How to Make Sick Societies Healthier" (The New Press).
Natives Feel Left Out of China's New West
In the six years since China's central government began its well-financed campaign to spread the benefits of economic growth beyond coastal provinces, the effort has exacerbated the extreme inequality that characterizes the national economy. Gaps have grown between urban and rural China and between the less-developed west and the frenetic east.
From Newsweek:
Globalization and its Discontents
We know by the data that have been collected, that over time, economic growth benefits all sectors of the population. However, in the short term, there is no question that economic growth increases income inequality. Some people are better positioned to take advantage of the new economic opportunities than others. Some people make a real bundle of money; others are lucky if they get a job. For example, in Latin American countries, particularly in Brazil and in Mexico, as those countries economies have expanded and as they have participated more in globalization, the rich have gotten richer in comparison to the poor. But it’s not necessarily the case that the poor have gotten poorer.
Between 1989, when the current Socialist/Christian Democratic coalition reached power and democracy returned to the country, and 2005, the Chilean economy has grown nearly 6 percent per year, more than doubling per capita income. Poverty has been drastically reduced; education, health, housing and other social indicators have all improved significantly, and even inequality, that terrible bane of all hemispheric societies, has finally begun to diminish, albeit modestly. For practical purposes, Chile is on the verge of occupying the lowest rung of the highest ladder: becoming a still poor but now developed nation, perhaps like Greece or Portugal a few years ago in Western Europe, like Poland or South Korea more recently.
From the New York Times (no specific reference to income inequality but I liked the quote at the end) The Ultra-Rich Give Differently From You and Me
Almost alone among rich Americans, Mr. Buffett has argued that estate taxes should be increased, not eliminated. Mr. Buffett says the estate tax helps build a vibrant economy of innovators and strivers — a true meritocracy — and that repealing it would risk a stunted economy controlled by aristocratic inheritors. Repealing the estate tax, he has said, would be the economic equivalent of "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics."
[tags]income inequality[/tags]
