Bad Economics and the Rise of Inequality

Author: James Kwak

Publisher: Vintage

ISBN: 1101871202

Category: Business & Economics

Page: 256

View: 3471


Here is a bracing deconstruction of the framework for understanding the world that is learned as gospel in Economics 101, regardless of its imaginary assumptions and misleading half-truths. Economism: an ideology that distorts the valid principles and tools of introductory college economics, propagated by self-styled experts, zealous lobbyists, clueless politicians, and ignorant pundits. In order to illuminate the fallacies of economism, James Kwak first offers a primer on supply and demand, market equilibrium, and social welfare: the underpinnings of most popular economic arguments. Then he provides a historical account of how economism became a prevalent mode of thought in the United States—focusing on the people who packaged Econ 101 into sound bites that were then repeated until they took on the aura of truth. He shows us how issues of moment in contemporary American society—labor markets, taxes, finance, health care, and international trade, among others—are shaped by economism, demonstrating in each case with clarity and élan how, because of its failure to reflect the complexities of our world, economism has had a deleterious influence on policies that affect hundreds of millions of Americans.

The Price of Inequality

Author: Joseph Stiglitz

Publisher: Penguin UK

ISBN: 0718197399

Category: Social Science

Page: 592

View: 5972


Nobel Laureate Joseph Stiglitz explains why we are experiencing such destructively high levels of inequality - and why this is not inevitable The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn - too late. In this timely book, Joseph Stiglitz identifies three major causes of our predicament: that markets don't work the way they are supposed to (being neither efficient nor stable); how political systems fail to correct the shortcomings of the market; and how our current economic and political systems are fundamentally unfair. He focuses chiefly on the gross inequality to which these systems give rise, but also explains how inextricably interlinked they are. Providing evidence that investment - not austerity - is vital for productivity, and offering realistic solutions for levelling the playing field and increasing social mobility, Stiglitz argues that reform of our economic and political systems is not just fairer, but is the only way to make markets work as they really should. Joseph Stiglitz was Chief Economist at the World Bank until January 2000. He is currently University Professor of the Columbia Business School and Chair of the Management Board and Director of Graduate Summer Programs, Brooks World Poverty Institute, University of Manchester. He won the Nobel Prize for Economics in 2001 and is the best-selling author of Globalization and Its Discontents, The Roaring Nineties, Making Globalization Work and Freefall, all published by Penguin.

The Inequality Trap

Fighting Capitalism Instead of Poverty

Author: William Watson

Publisher: University of Toronto Press

ISBN: 1442637242

Category: Capitalism

Page: 218

View: 2308


Argues that focusing on inequality is an error because much inequality is "good," the reward for thrift, industry, and invention, and also a trap because it leads us to fixate on the top end of the income distribution rather than on those at the bottom who need help most. Asserts that responding to growing inequality by fighting capitalism rather than poverty may lead to both more poverty and less equality.

The Economist

Weekly Commercial Times, Banker's Gazette and Railway Monitor

Author: N.A

Publisher: N.A


Category: Economic history

Page: N.A

View: 6495



Quality of Life in Ireland

Social Impact of Economic Boom

Author: Tony Fahey,Helen Russell,Christopher T. Whelan

Publisher: Springer Science & Business Media

ISBN: 1402069812

Category: Social Science

Page: 316

View: 7686


Frances Ruane, Director, Economic and Social Research Institute Irish and international scholars continue to be curious about Ireland’s exceptional economic success since the early 1990s. While growth rates peaked at the turn of the millennium, they have since continued at levels that are high by any current international or historical Irish measures. Despite differences of view among Irish economists and policymakers on the relative importance of the factors that have driven growth, there is widespread agreement that the process of globalisation has contributed to Ireland’s economic development. In this context, it is helpful to recognise that globalisation has created huge changes in most developed and developing countries and has been associated, inter alia, with reductions in global income disparity but increased income disparity within individual countries. This book reflects on how, from a social perspective, Ireland has prospered over the past decade. In that period we have effectively moved from being a semi-developed to being a developed economy. While the book’s main focus is on the social changes induced by economic growth, there is also recognition that social change has facilitated economic growth. Although many would regard the past decade as a period when economic and social elements have combined in a virtuous cycle, there is a lingering question as to the extent to which we have better lives now that we are economically ‘better off’.

Mainstream Growth Economists and Capital Theorists

A Survey

Author: Marin Muzhani

Publisher: McGill-Queen's Press - MQUP

ISBN: 0773592113

Category: Business & Economics

Page: 558

View: 5651


Mainstream Growth Economists and Capital Theorists provides a historical survey and ideal introduction to modern economics, arguing that due to significant changes in recent years, a re-evaluation is in order. Marin Muzhani presents an informed study of the debates regarding economic growth and development that began in the 1930s in response to the Great Depression. He argues that in the wake of that crisis, the challenge for economists was to understand how to generate stable economic growth in order to prevent future crises. The theories of John Maynard Keynes, in particular, sought to explain the reasons for unemployment and recessions, paving the way for the field of macroeconomics and challenging the basic premises of neoclassical economics. In the late 1930s and 1940s, economists began to extend Keynes' ideas, synthesizing them with neoclassical ideas in order to explain economic growth. This "neoclassical synthesis" would dominate mainstream macroeconomic thought for the next forty years until the mid-1980s with the introduction of endogenous growth theories. Taking into account the historical background, the multitude of interpretations of modern growth models, and the geography of mainstream economists, Mainstream Growth Economists and Capital Theorists will simplify the structure of growth theory for the next generation of economists.

The Age of Increasing Inequality

The Astonishing Rise of Canada's 1%

Author: Lars Osberg

Publisher: James Lorimer & Company

ISBN: 145941313X

Category: Business & Economics

Page: 248

View: 8133


Canada is in a new era. For 35 years, the country has become vastly wealthier, but most people have not. For the top 1%, and even more forthe top 0.1%, the last 35 years have been a bonanza. Canadians know very well that there's a huge problem. It's expressed in resistance to tax increases, concerns over unaffordable housing, demands for higher minimum wages, and pressure for action on the lack of good full time jobs for new graduates. This book documents the dramatic and rapid growth in inequality. It identifies the causes. And it proposes meaningful steps to halt and reverse this dangerous trend. Lars Osberg looks separately at the top, middle and bottom of Canadian incomes. He provides new data which will surprise, even shock, many readers. He explains how trade deals have contributed to putting a lid on incomes for workers. The gradual decline of unions in the private sector has also been a factor. On the other end of the scale, he explains the growing high salaries for corporate executives, managers, and some fortunate professionals. Lars Osberg believes that increasing inequality is bad for the country, and its unfairness is toxic to public life. But there is nothing inevitable about this, and he points to innovative measures that would produce a fairer distribution of wealth among all Canadians.

Contending Approaches to the Political Economy of Taiwan

Author: Edwin A. Winckler,Susan Greenhalgh

Publisher: M.E. Sharpe

ISBN: 9780873327718

Category: Business & Economics

Page: 320

View: 9681


This work compares IT parks in China, India, Malaysia, Singapore, Taiwan, and Hawaii, in search of strategies that policy makers can employ to reduce the Global Digital Divide, advance distributional equity, and soften some of the negative effects of economic globalization.

Encyclopedia of Race, Ethnicity, and Society

Author: Richard T. Schaefer

Publisher: SAGE

ISBN: 1412926947

Category: Social Science

Page: 1622

View: 5875


This three volume reference set offers a comprehensive look at the roles race and ethnicity play in society and in our daily lives. General readers, students, and scholars alike will appreciate the informative coverage of intergroup relations in the United States and the comparative examination of race and ethnicity worldwide. These volumes offer a foundation to understanding as well as researching racial and ethnic diversity from a multidisciplinary perspective. Over a hundred racial and ethnic groups are described, with additional thematic essays offering insight into broad topics that cut across group boundaries and which impact on society. The encyclopedia has alphabetically arranged author-signed essays with references to guide further reading. Numerous cross-references aid the reader to explore beyond specific entries, reflecting the interdependent nature of race and ethnicity operating in society. The text is supplemented by photographs, tables, figures and custom-designed maps to provide an engaging visual look at race and ethnicity. An easy-to-use statistical appendix offers the latest data with carefully selected historical comparisons to aid study and research in the area