Tag Archives: inequality

Inequality constricts growth by: Obstructing the supply of people and ideas into our economy and limiting opportunity for those not already at the top, which slows productivity growth over time Subverting the institutions that manage the market, making our political system ineffective and our labor markets dysfunctional Distorting demand through its effects on consumption and investment, which both drags down and destabilizes short- and long-term growth in economic output Capitalism...

 By Sue Konzelmann, John Weeks and Marc Fovargue-Davies ‘Rethinking Britain: Policy Ideas for the Many’ is a publication of Policy Press (19 September 2019), in partnership with PRIME and the Progressive Economic Forum (PEF).  Price £14.99, pre-orders £11.99 via Bristol University Press website. It is edited by Sue Konzelmann, Susan Himmelweit,...

In the same way that Capital in the Twenty-First Century transformed the way economists look at inequality, Piketty’s new book Capital and Ideology will transform the way political scientists look at their own field. ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of BusinessThomas Piketty’s New Book Brings Political Economy Back to Its Sources Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior...

Must-read! Branko Milanovic sums up the fundamental issue affecting political economy as economics in relation to society. Neoclassical economic is like doing engineering with a total focus on efficiency and ignoring resilience. This approach views redundancy as inefficient. This is like eliminating the emergency brake on vehicles. An economy is the material life-support system for a society and its culture. It is the welfare and progress of the society that set the priorities....

Economic Policy InstituteBlack workers endure persistent racial disparities in employment outcomesPart of the series Labor Day 2019: How Well Is the American Economy Working for Working People? Summary: Black workers are twice as likely to be unemployed as white workers overall (6.4% vs. 3.1%). Even black workers with a college degree are more likely to be unemployed than similarly educated white workers (3.5% vs. 2.2%). When they are employed, black workers with a college or advanced degree...

Economic liberalism expressed as "free market capitalism" aka neoliberalism is incompatible with political liberalism as liberal democracy owing to the social effects of the inequality that favoring economic liberalism in the above sense leads.Lars P. Syll’s BlogEconomics — a primary reason for the rise of inequalityLars P. Syll | Professor, Malmo University

The insights of this new data series are many, but for this post here I want to highlight a single eye-popping statistic. Between 1989 and 2018, the top 1 percent increased its total net worth by $21 trillion. The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period.… People's Policy ProjectTop 1% Up $21 Trillion. Bottom 50% Down $900 Billion.Matt Bruenig

Wealth disparities between the rich and the poor in the United States have broadened over the past 30 years, according to a new dataset released earlier this month by researchers at the Federal Reserve Board. Their Distributional Financial Accounts is the new dataset that provides quarterly estimates of wealth distribution in the country from 1989 to 2019. 2 The new dataset was created by integrating the Federal Reserve Board’s Financial Accounts with the Survey of Consumer Finances....

Only a short blog post today – in terms of actual researched content. Plenty of announcements and news though, a cartoon, and some great music. I have been meaning to write about the household income and wealth data that the ABS released in July, which showed that real income and wealth growth over a significant period for low income families has been close to zero, while the top 20 per cent have enjoyed rather massive gains. These trends are unsustainable. A nation cannot continually be...

Should be neoliberalism is destroying the illusion of liberal democracy.EvonomicsNobel Economist Says Inequality is Destroying Democratic Capitalism Angus Deaton | Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University