Massive Rise Of Top Incomes Is Mostly Driven By Capital

In response to David Leonhardt's piece in the New York Times about the shocking rise of top incomes since 1980, we decomposed top 1 percent income growth into labor and capital components. What this shows is that the majority of the income growth at the top since 1980 has come from capital. In fact, all top 1 percent income growth after 2000 came from capital.

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