How likely is it for an American to go from “rags to riches” and join the top wealth holders?
Daniel R. Carroll, a research economist at the Federal Reserve Bank of Cleveland, will tackle that question Nov. 17 in the eighth annual Harold Hotelling Memorial Lecture at Lawrence Technological University.
Central to the identity of the United States is that it is a “land of opportunity” where anyone, regardless of their circumstances, can rise as far as their ingenuity and effort will take them. Over the past four decades, this image has come under increasing scrutiny, as income and wealth have grown more and more unequally distributed across the economy. In his lecture, Carroll will review income and wealth data and discuss some of the important factors driving the increase in their dispersion. He will examine new research on income and wealth mobility and explore policies that could facilitate greater opportunity in our society.
Carroll earned a Bachelor of Arts in economics from Whitman College and a PhD in economics from the University of Virginia. His primary fields of interest are macroeconomics and public finance, and his work focuses on the policy implications of dynamic models of income and wealth inequality. He has published articles on progressive income taxation, growth and inequality, voting mechanisms, and neighborhood sorting.
The lecture is free and open to the public. It will begin at 7 p.m. Friday, Nov. 17 in the Mary E. Marburger Science and Engineering Auditorium, Room S100 in the Science Building on Lawrence Tech’s campus, 21000 W. 10 Mile Road, Southfield (see www.ltu.edu/map).
The Harold Hotelling Memorial Lecture Series was founded to honor an esteemed scholar and colleague. Harold Hotelling (1945-2009) joined Lawrence Tech as an associate professor of economics in 1989 and taught courses in business law, business ethics, constitutional law, urban social issues, and law and economics. His life was marked by an unwavering dedication to his family, his church, his students, and his profession.