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A NAIVE HISTORY OF INDIVIDUAL INCOMES IN WISCONSIN, 1947–1959
Author(s) -
David Martin,
Miller Roger,
Moyer Eugene,
Bauman Richard,
Schneidemesser Michael von
Publication year - 1970
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/j.1475-4991.1970.tb00697.x
Subject(s) - earnings , economics , asset (computer security) , population , demographic economics , human capital , cohort , productivity , cohort effect , labour economics , demography , economic growth , finance , medicine , computer security , sociology , computer science
The paper develops a descriptive history of the changing level and sources of income of the male population of Wisconsin from 1947 to 1959, as a preliminary step in building a model of income determination. The history is based on data from a one percent sample of the taxpaying population of Wisconsin from 1947 to 1959. Analysis of income sources received by male birth cohorts is followed by summary data on individual income variation. Changes in earnings of birth cohorts appear to be determined by changes in labor force participation, general productivity increases, and acquisition of skills. Education, as reflected in occupational status, appears to affect the initial level and lifetime profile of earnings; however, education has played a changing role in the dynamics of earnings. Movements in non‐earned income appear to be determined by rising real yields on capital, accumulation of wealth, and possibly by asset conversion and selective migration and mortality favoring wealth holders. Cohort asset accumulation for the period seems to have been determined by the growth rate of earnings, life cycle contingencies, and the pattern of asset prices and yields during the period. Analysis of individuals’ incomes over the period reveals great heterogeneity of experience of individuals within birth cohorts and within occupations. This suggests that study of micro units is necessary to obtain behavioral information obscured in aggregate cohort data.