You're seeing something shaped like an exponential growth curve and missing the fact that it's not a growth curve at all. Think about what's on the x-axis here. The graph is really a histogram with average income growth binned into one percentile intervals.
On the second, thanks for the reference, haven't read that. Would be interested to hear how you think that change would lead to these effects.
On the second, thanks for the reference, haven't read that. Would be interested to hear how you think that change would lead to these effects.