I saw this claim made on Facebook and I would like to ask you for your take on this subject and perhaps suggestions for further reading. THANK YOU kindly.
“The Gilded Age (1865-1890), and the Progressive Era (1890-1920) saw the least amount of economic mobility between the bottom quintiles than any other period. meaning the Rich got richer, and the middle income stayed where they were..)”
The term economic mobility is misleading. Does it mean that in a “mobile” economy people will rise and fall with no individual effort? Or does it take something? Let’s face it, individual effort and skill will vary, and its much easier to fall down a mountain than to climb it.
What is their evidence for this claim? Who in that age was keeping those kinds of records — not just the numbers involved in the quintiles themselves, but also the movement of specific individuals from one quintile to another?
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