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Branko Milanovic — Why inequality matters?

Summary:
This is the question that I am often asked and will be asked in two days. So I decided to write my answers down.… The reasons can be formally broken down into three groups: instrumental reasons having to do with economic growth, reasons of fairness, and reasons of politics.... Contra trickle down, on  one hand, and, more importantly, critiquing the engine that drives capitalism— profit as surplus value over subsistence. The consequence of this is paradox, which Marxians call "internal contradictions." We have to go back to the beginning and instead of seeing high inequality as promoting investments and growth, we begin to see it, over time, as producing exactly the opposite effects: reducing investments and growth. The is a very clear exposition of key issues affecting the capitalist

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This is the question that I am often asked and will be asked in two days. So I decided to write my answers down.…
The reasons can be formally broken down into three groups: instrumental reasons having to do with economic growth, reasons of fairness, and reasons of politics....
Contra trickle down, on  one hand, and, more importantly, critiquing the engine that drives capitalism— profit as surplus value over subsistence. The consequence of this is paradox, which Marxians call "internal contradictions."
We have to go back to the beginning and instead of seeing high inequality as promoting investments and growth, we begin to see it, over time, as producing exactly the opposite effects: reducing investments and growth.
The is a very clear exposition of key issues affecting the capitalist model in a very short space. It suggests that capitalism cannot be fixed without altering fundamental assumptions about how it works.

Global Inequality

Why inequality matters?
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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