The American Dream Classified At Last Summary

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The article, “The American Dream, Quantified at Last,” written by David Leonhardt, from the New York Times, described the economic concepts relating to changes in economic growth, inequality, and gross domestic product. The article-describes research, which revealed the changes of economic growth from 1940 through 1980. The economic concepts of inequality, regardless of gross domestic products, have significant impact on the American economy. The research answered the questions about the opportunity for children born into an average American household from periods 1940 though 1980 to have the opportunity or inability to make more or less money than his or her parents. The results also showed how economic growth had influence on the American …show more content…

These children had a 92 percent increased chance to earn more money and increased opportunities to enjoy a higher living standard than their parents (Leonhardt, 2016). Children born in 1980, which are today’s 36-year-old adults, compared to the children born in 1940s had decreased opportunity to make more their parents. The chance for children to earn more than their parents started the decline with the children born in 1950. By the year 1980, the percentage dropped to 50 percent. The article author, Davis Leonhardt, described the research of tracking individual families over time rather than (as most economic statistics do) taking one-time snapshots of the country, and separate tests to study inequality, and faster gross domestic products. The results showed the case scenarios of inequality having more affect and resulted in decreased chances for the children to make more than their parents (Leonhardt, 2016). From the 1980s, economic inequality began to rise, as a result of globalization, technological change, government policies favoring the well-off and a slowdown in educational attainment and the work force’s skill level (Leonhardt, 2016). The wealthy became wealthier and the poor population

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