ON THE ONE PERCENT There is an ideological war going on over whether the 1% argu

http://gregmankiw.blogspot.com/2013/06/more-on-one-percent.htmlMORE ON THE ONE PERCENT

There is an ideological war going on over whether the 1% argument will actually hold up to scrutiny.

This really depends on whether you mean the .01% that STAY in the 1%, or the number of people who ROTATE through the 1%.

Krugman and Delong are making arguments that Mankiw is wrong, and that the 1% are rent seekers.

I don’t see much evidence of that, but I look at the problem as one of rotation through the group, and I think the other side politically is addicted to the idea that the 1% is part of the financial sector.

Even then, I”m not sure how many people stay in that position or how many rotate through it.

I”m not in favor of feeding the financial sector (which anyone who follows me knows) but on the other hand, I don’t know if I buy the 1% argument. I’ve been in the 1% a few times, and I”ve spent a lot of time in the 2-3%.

But Allora and I also lived on pasta and butter when we had to. 🙂

Anyway, I”m reserving judgement until I see more data that I can have confidence in.