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The Vanishing Middle ClassPrejudice and Power in a Dual Economy$
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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

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A Dual Economy

A Dual Economy

Chapter:
(p.3) 1 A Dual Economy
Source:
The Vanishing Middle Class
Author(s):

Peter Temin

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262036160.003.0001

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

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