Income Inequality: Why It Matters and Why Most Economists by Matthew P. Drennan

By Matthew P. Drennan

Prevailing monetary thought attributes the 2008 crash and the good Recession that to low rates of interest, cozy borrowing criteria, and the housing expense bubble. After cautious analyses of statistical proof, even if, Matthew Drennan found that source of revenue inequality was once the decisive issue at the back of the situation. careworn to take care of intake within the face of flat or declining earning, americans leveraged their domestic fairness to tackle over the top debt. The cave in of the housing marketplace left this debt unsupported, inflicting a domino impact during the economic climate. Drennan additionally came upon startling similarities in shopper habit within the years resulting in either the nice melancholy and the nice Recession. supplying an monetary rationalization of a phenomenon defined via well-liked observers together with Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan’s evenhanded research disproves dominant theories of intake and attracts much-needed awareness to the persisting challenge of source of revenue inequality. 

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Extra resources for Income Inequality: Why It Matters and Why Most Economists Didn’t Notice

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S. wages will tend to rise more slowly than in the past before globalization. Most economics texts and media analysts treat globalization as the end of the story, but there is a problem in that analysis: Canada, the United Kingdom, France, Germany, and Japan are subject to the same forces of globalization as the United States. Have they had the same increases 22 Possible Causes of Income Inequality of income inequality? The United Kingdom and Canada have had increases, though less extreme than in the United States.

S. unionization rate was 30 percent in 1960, the rate in Canada was 32 percent. S. unionization while in Canada the rate is where it was forty years ago? Jacob Hacker and Paul Pierson argue that the difference in labor law in the two countries account for union coverage shrinking in the United States and not in Canada. Some Canadian provinces have laws that allow for card check certification and first contract arbitration. Provinces ban the hiring of permanent strike replacements and employer interference into unionization campaigns.

22 Finally, shifts in organized interests are a major force in policy change. Hacker and Pierson document a huge rise of special-interest organizations in Washington beginning in the 1970s. Corporations with a public affairs office in Washington went from one hundred in 1968 to five hundred by 1978. Further, the three giants of promoting and protecting corporate interests, the National Association of Manufacturers, the Business Roundtable, and the Chamber of Commerce, greatly expanded their membership and budgets after 1970.

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