The Price of Inequality pdf
About the book:
The Price of Inequality book
Author: Joseph E. Stiglitz
Publisher: W. W. Norton & Company 1 edition
Publish date: April 8, 2013
Pages: 560 eBook pages can be different
Genres: Political, Sociology
The Price of Inequality is a powerful analysis of inequality in the United States and what it means for our political system, economy and society. The book does a great job of laying out the details.
One sentence ultimately says it all: “The top 1 % of Americans gained 93 % of the additional income created in the country in 2010, as compared with 2009.” Now think of that in terms of a party with 100 people and large pizza with 100 slices. Basically it means that one rich guy gobbles up 93 slices of pizza. The other 99 get to divide the other seven.
Stieglitz does an exclusively good job of disproving the received wisdom among conformists: that incomes are in amount to productive contribution to society. Instead, the book shows that much of our extraordinary income concentration is due to “rent seeking” by the rich elite, and that every so often this involves taking advantage of taxpayers. We have a system that actively redistributes income and wealth from vast numbers of people at the bottom of the pyramid to a tiny number at the very top.
As the book shows, extreme income inequality is certainly a kind of cancer that taints almost every aspect of our social, political, economic and even lawful system. A tiny elite is able to successfully purchase laws and regulations that work in its favor. For example, bankruptcy laws are intended to favor banks over proprietors and holders of student debt, even though the banks have access to much better statistics and proficiency when making these loans. One idea that arises throughout the book is that we should have “one person one vote” not “one dollar one vote.” and so far the evidence is clear we are moving toward even more influence for those with money.
The battle over the budget than is surely a battle over inequality, while macroeconomic policy in the United States as made fetish of inflation at the desertion of other economic priorities, such as employment, infrastructure, and quality of life and personal security of citizens. “Macroeconomic and financial policies that result in higher redundancy – and lower incomes for ordinary citizens – are a major source of inequality in our society today. Over the past quarter century macroeconomic and financial policies and institutions have failed to produce stability; they failed to produce justifiable growth; and, most significantly, they failed to produce growth that benefited most citizens in our society”
Stieglitz has solutions! Salvage the political process, restrict rent seeking activity and reduce political pushing and the function of “The Predator State.” Macroeconomic policy should not fetishize inflation, but stress employment policy and public asset in education, technology and infrastructure. Political policy should promote equality and opportunity, control excesses at the top, and institute real tax transformation aimed at reducing inequality.
A powerful and well-argued book!
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