Losing it all is pretty rare; likewise, striking it rich is rare. But how rare? Go to your textbook or the internet (use a reputable source!) to find out how much income mobility exists in the U.S. economy. How common is it for someone in the top quintile of the income distribution to fall to the bottom quintile within (say) a decade? Is this more income mobility or less than you would have expected? What are some common explanations for such a decline in income?
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