>I understand the analytical point but the same argument goes for the fact
>that older people usually make more than younger people, so even when
>inequality is increasing, people poor at an earlier snapshot in time will
>often on average be better off later - despite increasing inequality. (I
>believe there have been a few studies to this effect, often misused by the
>Rightwing to argue that everyone therefore has benefitted from growth.)
True, a "youthening" of a population will, all other things being equal (but as Joan Robinson said, cet. is rarely par.), increase inequality. But in the U.S., incomes of younger people are further below average than they were a generation ago.
Doug