A few months ago former World Bank lead economist, Branko Milanovic, released a new book titled Global Inequality. His work has taken the economics profession by storm since. One chart in particular, dubbed by some as the elephant graph, because, well, it looks like an elephant, tells a fascinating story.
While cumulative real income has grown for many people across the globe in recent years, that growth is uneven and affects different sections of the population in different ways. The data shown may reflect on stagnant wage growth in Oregon and across the U.S. as well.