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Tag Archives: inequality

Panel discussion at federal NDP policy convention

Yesterday I spoke on a panel discussion on economic inequality, along with Andrew Jackson and Armine Yalnizyan. We were guests at the federal NDP’s policy convention in Ottawa. The panel was moderated by Guy Caron. Topics covered included the minimum wage, basic income, affordable housing, the future of jobs, gender budgeting, poverty among seniors, Canadian fiscal policy in historical perspective, and Canadian fiscal policy in comparison with other OECD countries. The discussion was 30...

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Jacob A. Robbins — How the rise of market power in the United States may explain some macroeconomic puzzles

These new facts are particularly puzzling from the point of view of the standard neoclassical economic model, in which markets are perfectly competitive. In this view, profits should not persist over the long run, let alone enable the owners of corporations to increase their share of income over time. The standard model, however, cannot address many of the fundamental changes that have occurred in the U.S. economy over the past 40 years.In order to explain these new trends, I and my...

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Asher Schechter — Angus Deaton on the Under-Discussed Driver of Inequality in America: “It’s Easier for Rent-Seekers to Affect Policy Here Than In Much of Europe”

In an interview with ProMarket, Nobel Prize-winning economist Angus Deaton talks about the connection of rent-seeking and monopolization to rising inequality. ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of BusinessAngus Deaton on the Under-Discussed Driver of Inequality in America: “It’s Easier for Rent-Seekers to Affect Policy Here Than In Much of Europe” Asher Schechter

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Will Denayer — How inequality is evolving and why

 The bottom line – and the fundamental problem – seems to be clear: inequality rose because the labour movement lost out. Today’s lacking investment means that technology does not substitute for labour – the normal trajectory in capitalism, instead cheap labour substitutes for technology. As a result, productivity stalls. After decades of right-wing policies, stripping away protections for workers, the flexibilisation of labour markets, destroying ‘government rigidities’ and waging wars...

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Rishabh Kumar — Not just r > g but r + q >> g: Piketty meets Ricardo in the long run of Indian history

Many assets have the potential to become valuable without actual accumulation. Writing in the initial stages of capitalism, Ricardo recognized the unusual position which landlords occupy: they control a non-reproducible asset, which generates rents under expanded capital accumulation. These rents extract away from surplus value and get capitalized into higher land prices. His vision was partially invalidated by gains in agrarian productivity but the history of wealth-income ratios testifies...

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Hey Democrats, the Problem Isn’t Jobs and Growth

It’s inequality. By James Kwak This American Life‘s forays into politics and economics are generally less satisfying than their ordinary storytelling fare. That’s especially true when they try to answer some specific question, like “What is wrong with the Democratic Party?”—the subject of a segment last month. The story did have some telling moments, however, most vividly when moderate Congresswoman Cheri Bustos was trying to pitch the party’s forgettable and already-forgotten “Better...

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Hey Democrats, the Problem Isn’t Jobs and Growth

It’s inequality. By James Kwak This American Life‘s forays into politics and economics are generally less satisfying than their ordinary storytelling fare. That’s especially true when they try to answer some specific question, like “What is wrong with the Democratic Party?”—the subject of a segment last month. The story did have some telling moments, however, most vividly when moderate Congresswoman Cheri Bustos was trying to pitch the party’s forgettable and already-forgotten “Better...

Read More »