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What does Stiglitz mean by this phrase?

annon1776
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6/29/2016 5:47:38 PM
Posted: 5 months ago
In chapter 10 of The Price of Inequality, page 150, Stiglitz states "many more people will have a shot at one day being in the 1 percent". Could someone clarify what he means?

Surely he doesn't mean that more people could be in the 1 percent (excluding population growth of course).
slo1
Posts: 4,312
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7/6/2016 11:46:45 AM
Posted: 5 months ago
At 6/29/2016 5:47:38 PM, annon1776 wrote:
In chapter 10 of The Price of Inequality, page 150, Stiglitz states "many more people will have a shot at one day being in the 1 percent". Could someone clarify what he means?

Surely he doesn't mean that more people could be in the 1 percent (excluding population growth of course).

Is he referring to increased upward mobility in that more people will have an opportunity to jump into a higher economic class? I hope not as it is in an decline.