Jump to ContentJump to Main Navigation
The Vanishing Middle ClassPrejudice and Power in a Dual Economy$
Users without a subscription are not able to see the full content.

Peter Temin

Print publication date: 2017

Print ISBN-13: 9780262036160

Published to MIT Press Scholarship Online: January 2018

DOI: 10.7551/mitpress/9780262036160.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 October 2021

A Dual Economy

A Dual Economy

(p.3) 1 A Dual Economy
The Vanishing Middle Class

Peter Temin

The MIT Press

This chapter explains the dual economy model, emphasizing Lewis’ assertion that the richer sector tries to keep down earnings in the poorer sector. The modern richer sector is the FTE (finance, technology and electronics) sector, containing twenty percent of the population whose incomes have risen rapidly since 1970. The low-wage sector is much larger, but has experienced stagnant earnings since 1970. The middle class is vanishing, and the American distribution of income looks like a two-humped camel. Transition from the low-wage sector is by education, which the FTE sector makes increasingly difficult by reducing funding for public schools and universities.

Keywords:   Dual economy, finance, technology, electronics, stagnant wages, public education, public universities

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.