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Article: What's Driving Wage Inequality?
- Article from:
- Economic Quarterly - Federal Reserve Bank of Richmond
- Article date:
- July 1, 2005
- Author:
CopyrightCopyright Federal Reserve Bank of Richmond Summer 2005. Provided by ProQuest LLC. (Hide copyright information)
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Most of the time, we assess an economy's performance using broad aggregate measures of output and wealth. In this regard, the United States is doing quite well. It is the richest country in the world. U.S. gross domestic product exceeded $11 trillion last year-roughly $38,000 per capita. And despite the slowdown associated with the 2001 recession, the economy has expanded at an average annual rate of more than 3 percent over the past 10 years. The way people actually feel about the economy's performance is shaped by their individual experiences, however, and here there is always great diversity. Indeed, there remains substantial anxiety about the direction the economy is heading, especially ...