A great example of how a lie can travel around the world before the truth gets its boots on...
"Perhaps Mian and Sufi's and Krugman’s most egregious no-no is that they suggest that annual family incomes should track productivity. Of course, yearly family incomes are not simply determined by hourly compensation. They are affected by the number of hours worked in a typical week, the number of weeks worked in a typical year, and the number of workers in a family. Unemployment and underemployment affect family income, but so do voluntary decisions not to work, such as those made by students, retirees, homemakers, and new mothers and fathers. Changes in marriage and divorce rates affect the number of workers in a typical family. There is just no reason to think that productivity growth should have necessarily increased family income growth accordingly. Delayed marriage, increased family disruption, rising educational attainment, earlier retirement, and the aging of the baby boomers practically guaranteed that family incomes would not grow as fast."
"Perhaps Mian and Sufi's and Krugman’s most egregious no-no is that they suggest that annual family incomes should track productivity. Of course, yearly family incomes are not simply determined by hourly compensation. They are affected by the number of hours worked in a typical week, the number of weeks worked in a typical year, and the number of workers in a family. Unemployment and underemployment affect family income, but so do voluntary decisions not to work, such as those made by students, retirees, homemakers, and new mothers and fathers. Changes in marriage and divorce rates affect the number of workers in a typical family. There is just no reason to think that productivity growth should have necessarily increased family income growth accordingly. Delayed marriage, increased family disruption, rising educational attainment, earlier retirement, and the aging of the baby boomers practically guaranteed that family incomes would not grow as fast."