Many people are concerned about income and wealth inequality. I am not concerned about economic inequality as such; I care about absolute poverty (how many people live in misery because of wretched physical conditions), and I care about a broad distribution of opportunity (everyone's having a "fair shot" at economic success), but I don't see … Continue reading Putting Economic Inequality in Perspective
Nobel Prize-winning economist Joseph Stiglitz argued recently that both the economic downturn of the last two years and the looming debt crisis are the fault of "a powerful ideology---the belief in free and unfettered markets," whose "30-year ascendance" has "brought the world to the brink of economic ruin." As an economist, I can't hold a … Continue reading Stiglitz on Deregulation and the Rich
Is the U.S. exceptionally unequal? Quite the opposite - among New World countries with a history of slavery, the U.S. has by far the lowest income inequality.
It has long been commonplace to assert that income inequality has been rising in the U.S. since the 1970s. Following Marc's post about Robert Reich's book and my reply to Roderick Long's argument for moral concern about inequality, I thought readers might be interested in a debate going on at the Economist over new data … Continue reading Has Income Inequality Really Risen?