Dr. Dre (stage name for Andre Young) has hit the jackpot. From very modest beginning in Compton, California to success as a rap star to entrepreneur in the development of Beats headphones, he has discovered a market niche- high end headphones for the lower end urban market- and is about to cash in big time in a sale to Apple making him a multi billionaire.
Kudos to a man who is living the American dream. He should be cheered, not envied, for his success.
But the statistics that measure the growth in income inequality will not show less inequality as a result of the rise of Dr. Dre, but more; because our measurements of inequality omits the most important measurement of inequality- mobility.
As an individual Dr. Dre displays the powerful effect of income mobility, but as a statistic he is just a number that widens the wealth gap.
Which leaves the question, ‘Is the widening gap such a terrible thing?’
It certainly isn’t for Andre Young.