Among other things, the paper offers a broader context for stagnant real median incomes in the UK and the US. If current trends continue, or accelerate as many believe, “we should not be surprised to find that the median individual in the ‘rich world’ becom[es] globally somewhat poorer”, Prof Milanovic writes. I also wonder whether London is acting as a something of a microcosm for the trends described in the paper. Read more
© The Financial Times Ltd 2016 FT and 'Financial Times' are trademarks of The Financial Times Ltd.