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Nationall Poor, Locally Rich
When social scientists examine relationships between income and voting decisions, their measures implicitly compare people to others in the national economic distribution. Yet an absolute income level (e.g., $57,617 per year, the 2016 national median) does not have the same meaning in Clay County, Georgia, where the median income is $22,100, as it does in Old Greenwich, Connecticut, where the median income is $224,000. We address this limitation by incorporating a measure of one’s place in her zip code’s income distribution. We apply this approach to the question of the relationship between income and whites’ voting decisions in the 2016 presidential election. The results show that Trump’s support was concentrated among nationally poor whites but also among locally affluent whites, complicating claims about the role of class in the election. This pattern suggests that social scientists would do well to conceive of income in relative terms: relative to one’s neighbors.
class  economy  trump  politics 
yesterday by max_read
China’s tech funding boom: is Europe asleep on the job? | Opinion | The Guardian
None of this bodes well for Europe’s ability to remain at the centre of the global economy. Its industrial giants will not fade away but they will be increasingly dominated by foreign owners and foreign technology. While, in the rosier days of globalisation, this might even have been hailed as laudable, under today’s new normal this strategy borders on the suicidal. Those afternoon naps of European policymakers increasingly look like a coma.
europe  economy  business  technology  china  us 
2 days ago by soobrosa

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