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I believe in a growing economy it is possible for people to lose status but still increase their standard of living in real terms, and so growth can lead to more social mobility. On the other hand, when growth stops the only way to retain one's standard of living is to concurrently compete for higher status and, as growth is captured by those at the top, social mobility ceases.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Tue Dec 4th, 2007 at 10:34:43 AM EST
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