This deserves highlighting. According to this chart lawyers salaries split sharply after they leave school. Some of them are paid a king’s ransom while other’s are paid quite pedestrian salaries. I suspect this is true for most highly educated people.
Larry Katz was recently quoted as stating that “Over the past 20 years things have been very good for highest-end abstract skills”. In so far as that is conventional wisdom it allows the inteligencia to distance them selves from the falling income of the majority of the population. It creates the illusion that top few percent, who have captured all the income growth implicit in the rising GDP, are their class brothers. For many well educated people, as that chart shows, that is delusional.