My focus is on the degree to which increasing inequality in the high-income countries, particularly in the United States, is likely to limit economic mobility for the next generation of young adults. Both cross-country comparisons and the underlying trends suggest that the underlying drivers of intergenerational mobility are all configured most likely to lower, or at least not raise, the degree of mobility for the next generation of Americans coming of age in a more polarized labor market. This trend will likely continue unless there are changes in public policy that promote the human capital of children in a way that offers relatively greater benefits to the relatively disadvantaged.
Journal of Economic Perspectives
D31: Personal Income, Wealth, and Their Distributions
J62: Job, Occupational, and Intergenerational Mobility; Promotion