it's the market: the broad-based rise in the return to top
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It’s the Market: The Broad-Based Rise in the
Return to Top Talent
By Steven N. Kaplan and Joshua RauhPublished in Journal of Economic Perspectives (Summer 2013)
Volume 27(3) pp. 35–56
James J. HeckmanUniversity of Chicago
AEA Continuing Education ProgramASSA Course: Microeconomics of Life Course Inequality
San Francisco, CA, January 5–7, 2016
Kaplan and Rauh It’s the Market
Figure 1: Average & Median Total Pay (realized) of S&P 500 CEOs from1993 to 2011 (in millions of 2010 $)
Source: ExecuComp, Steven Kaplan
Kaplan and Rauh It’s the Market
Figure 2: Average Pay (Estimated and Realized) S&P 500 CEOs Relativeto Average AGI of Top 0.1% of Taxpayers from 1993 to 2011
Source: ExecuComp, Piketty and Saez (2011)
Kaplan and Rauh It’s the Market
Table 1: Average Pay of Top Hedge Fund Managers and Law Partners,Millions of 2010 $ [and Relative to Average AGI of Top 0.1%]
Source: Absolute Return, Alpha Magazine, American Lawyer, and Piketty and Saez (2010)
Kaplan and Rauh It’s the Market
Figure 3: Average Top 25 Salaries in Professional Baseball, Basketballand Football (in millions of 2010 $)
Kaplan and Rauh It’s the Market
Figure 4: Share of Income Accruing to Top 1%
Kaplan and Rauh It’s the Market
Figure 5: Generation of the Wealth-Creating Businesses in the Forbes400, Share
Kaplan and Rauh It’s the Market
Figure 6: Did the Forbes 400 Grow Up Wealthy?
Kaplan and Rauh It’s the Market
Table 2: Industries of the Wealth-Creating Businesses Behind the Forbes400
Source: our calculations from the Forbes 400
Kaplan and Rauh It’s the Market
Figure 7: Generation of the Wealth-Creating Businesses in the ForbesNon-US Billionaires, Share
Kaplan and Rauh It’s the Market
Figure 8: Did the Forbes Non-US Billionaires Grow Up Wealthy?
Kaplan and Rauh It’s the Market
Table 3: Industries of the Wealth-Creating Businesses Behind theNon-US Forbes Billionaires
Source: our calculations from the Forbes Global Billionaires
Kaplan and Rauh It’s the Market
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