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Overcoming Bias Commenter's avatar

This is very true, however, I think the reason for such 'scam' is trying to justify the economic theory through promising solutions to current problems.

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Overcoming Bias Commenter's avatar

Thomas,the claim that this hollowing out is due to IQ seems to be empirically incorrect. First of all, IQ is only one variable that impacts income- there are many other variables http://www.aeaweb.org/artic... . Second, there are diminishing marginal returns for IQ. Intelligence impacts income primarily in the lower and lower mid income brackets. In the high income brackets it doesn't matter as much. So IQ does not account for this hollowing out.

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