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New paper forthcoming in Cliometrica with Peter Lindert. In the paper we show that between 1800-1914, inequality in cost of living fell offsetting sizable share of increase in nominal income inequality ssrn.com/abstract=33607… #econhist #econtwitter 
This is important because rising wages meant rising costs of services which featured heavily in baskets of the rich. There is thus a leveling of "cost of living". #econhist #econwitter
Once adjustments are made to measure "real" income inequality rather than nominal income inequality, the increase in the "gilded age" was minimized and maybe did not occur (we are not certain on which of the two) #econhist #econtwitter
