The “American dream” is rooted on the idea that people can go from “poor” to “not poor” in this country with a can-do attitude and strong work ethic. Although we’ve heard a handful of these “rags to riches” stories, research shows that it ain’t as easy as it used to be.
In this series, we explore the economic factors, particularly the four types of capital, that facilitate (or hinder) the path up the economic ladder of today’s modern economy.
The political debate of income inequality has put experts in economics at center stage to find out what the heck is going on. Some economists claim that income inequality is bad because it restricts opportunities for some members of society, thus exacerbating divisions in social class and hindering growth. Other economists say that income inequality is good because it is a natural phenomenon that rewards people for bringing value to other people in the form of innovation and entrepreneurship; thus technological progress and economic…