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The book suggests that some 20th-century conventional wisdom was badly wrong. Inequality does not appear to ebb as economies mature, as Simon Kuznets, a Nobel-winning economist, argued in the 1950s. Neither should we expect the share of income flowing to capital to stay roughly constant over time: what another economist, Nicholas Kaldor, labelled a key … Read more

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gives to the losses to workers in affected industries, this indicates an even larger purely dollar gain from increased trade. By the way, this model has some other interesting results. Which state do you think had the largest initial job losses from increased trade with China? It was California followed by Texas! Why? The computer and electronics, … Read more

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