The Economics Of Rising Inequalities

This book is an in-depth discussion of rising inequalities in the western world. It explores the extent to which rising inequalities are the mechanical consequence of changes in economic fundamentals (such as changes in technological or demographic parameters), and to what extent they are the contingent consequences of country-specific and time-specific changes in institutions. Both the 'fundamentalist' view and the 'institutionalist' view have some relevance. For instance, the decline of traditional manufacturing employment since the 1970s has been associated in every developed country with a rise of labor-market inequality (the inequality of labor earnings within the working-age population has gone up in all countries), which lends support to the fundamentalist view. But, on the other hand, everybody agrees that institutional differences (minimum wage, collective bargaining, tax and transfer policy, etc.) between Continental European countries and Anglo-Saxon countries explain why disposable income inequality trajectories have been so different in those two groups of countries during the 1980s-90s, which lends support to the institutionalist view. The chapters in this volume show the strength of both views. Through empirical evidence and new theoretical insights the contributors argue that institutions always play a crucial role in shaping inequalities, and sometimes preventing them, but that inequalities across age, sex, and skills often recur. From Sweden to Spain and Portugal, from Italy to Japan and the USA, the volume explores the diversity of the interplay between market forces and institutions.

Succinct, accessible, and authoritative, Thomas Piketty’s The Economics of Inequality is the ideal place to start for those who want to understand the fundamental issues at the heart of one the most pressing concerns in contemporary economics and politics. This work now appears in English for the first time.

This book explores the widening gap between the wage packets of skilled and unskilled workers that has become a pressing issue for all states in the globalized world economy. Comparing the experiences of more and less developed economies, chapters analyse the underlying causes and key social changes that accompany income inequality.

The strong U.S. economy in the late 1990s has validated the bold thesis of this book. Created Unequal shows that America's historically high inequality of pay and incomes is not the result of impersonal market forces such as technology or trade, but of bad economic policies over several decades and the poor performance they created. Featuring a new preface on the improvements since 1994, Created Unequal is a rousing book that reminds us we can reclaim our country through economic understanding, commonsense policy, and political action.

"Despite the rediscovery of the inequality topic by economists as well as other social scientists in recent times, relatively little is known about how economic inequality is mediated to the wider public of ordinary citizens and workers. That is precisely where this book steps in: It draws on a cross-national empirical study to examine how mainstream news media discuss, respond to, and engage with such important and politically sensitive issues and trends. Clearly, economic inequalities have become increasingly prominent issues in recent public debates, not least in the context of the latest Great Recession that followed from the financial crash in 2007, and attendant austerity regimes in many countries. This holds true for the debate in the wider public sphere as well as in many fields of academic study, not least in the two specific disciplinary areas most related to this book: political economy and media and journalism studies. Yet, in precisely those two academic fields we find important and parallel 'blindspots' which underline the distinctive focus and contribution of the present book: On the one hand, key issues related to economic inequalities (much like economic processes in general), have been much neglected in the academic fields specialising in news media and journalism studies. On the other hand, the major schools of theory and analysis in mainstream economics have paid relatively little explicit attention to the evolving scope, role or implications of mediated communication. This blindspot applies to both the conduct and performance of economic processes in general, as well as to engagement with the highly sensitive sub-arena of economic inequalities which is of particular interest in this book. In essence, this book is informed by the findings of a distinctive multi-country empirical research project undertaken by a multi-disciplinary team of researchers with economic, media and linguistic expertise. It explores how Piketty's book has been received and represented by news media based across four countries (Austria, Germany, Ireland and the United Kingdom) in the thirteen months following its publication. The primary aim of this book is to present the findings of a transdisciplinary and cross-national empirical study of news media coverage of economic inequality themes in four European countries. It focuses on the period following the launch of Thomas Piketty's (2014) high-profile and best-selling book 'Capital in the Twenty-First Century' (C21). This study is informed by a distinctive theoretical perspective drawing from institutional and political economy, media and journalism studies fields as well as critical discourse analysis. It is mindful of longer-term trends of rising economic inequality as well as the rather extraordinary series of electoral processes and redistribution policy outcomes across many electoral systems over recent decades. In sum, this book offers novel insights on key features of much-neglected links between how news media select, frame and discuss issues related to economic inequality and how such story-telling links to the specific aspects of the economic and public policy factors shaping the onward march of economic inequality in the long-run"--

Capitalism and Inequality rejects the popular view that attributes the recent surge in inequality to a failure of market institutions. Bringing together new and original research from established scholars, it analyzes the inequality inherent in a free market from an economic and historical perspective. In the process, the question of whether the recent increase in inequality is the result of crony capitalism and government intervention is explored in depth. The book features sections on theoretical perspectives on inequality, the political economy of inequality, and the measurement of inequality. Chapters explore several key questions such as the difference between the effects of market-driven inequality and the inequality caused by government intervention; how the inequality created by regulation affects those who are less well-off; and whether the economic growth that accompanies market-driven inequality always benefits an elite minority while leaving the vast majority behind. The main policy conclusions that emerge from this analysis depart from those that are currently popular. The authors in this book argue that increasing the role of markets and reducing the extent of regulation is the best way to lower inequality while ensuring greater material well-being for all sections of society. This key text makes an invaluable contribution to the literature on inequality and markets and is essential reading for students, scholars, and policymakers.

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.

Explores the very meaning of happiness and prosperity in America. This title explains how increased concentrations of income and wealth at the top of the economic pyramid have set off "expenditure cascades" that raise the cost of achieving many basic goals for the middle class.