Wednesday, March 9, 2011

24 Economists Were Asked What They Thought the US Wealth Distribution Was

And every single one got it wrong. By an order of 7x.

Michael Norton of Harvard Business School, surveyed two dozen academic economists to check their findings. The pros got it wrong, too, although they did better than the random sample of Americans. The economists estimated the poorest two quintiles owned about 2 percent of wealth, seven times their actual share.

United in Our Delusion - David Cay Johnston

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