[Pen-l] U.S. and Global Economies Slipping in Unison

["Julio Huato" <juliohuato@xxxxxxxxx>]

Correction:

I spoke of "gains in global distribution."  Actually little is known
about *global* distribution proper.  What we know is the evolution of
the (pop-weighted) *inter*-*national* distribution, which ignores the
evolution of domestic distribution in each country.  It is known that
in the last 40 years or so domestic distribution has become more
polarized inside the U.S., China, India, Russia, etc.   So, there are
three trends:

(1) the center of the (pop-weighted) international distribution has
shifted to the right (no surprise),

(2) the shape has gone from bimodal (big bulk on the left tail, thin
in between, and a smaller bulk on the right tail) to roughly log
normal, and

(3) domestic distribution in largely populated countries has become
more dispersed.

Short of measuring each of these effects, it's hard to know exactly
what happened to overall global distribution.  That's the
Sala-i-Martin vs. Milanovic debate.
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