The question posted is regarding the impact of increasing inequality in the current economic crisis. A few reputable members of the American Economic Association have contributed to this debate.
Global inequality between nations and domestic inequality within nations are both sub topics that came out of this debate.
The socio-political dynamics seem to be a key concern for economists. However the reasons behind inequality, such as rapidly changing technology and possible solutions to inequality have also been discussed.
It was interesting to find what these economists had to say. Challenging views to mainstream ideas were delivered, which were backed with examples. Serious economists do not consider inequality to be an outcome of 'market failure', rather that it is a result of institutional failure. This idea was important in the podcast with guest speaker, Don Boudreaux. I noticed that these economists reflected that in what they wrote.
This blog is less academic then the podcast, however the many point of views thrown out in the debate help shape a better rounded understanding of unemployment and why it's continuing to exist and grow.
1 comment:
It is interesting to read blog posts of so many academics, and I agree with Amer that it helps better understand why inequality matters. I think inequality by itself is not a big problem. Why would I care if someone, say Bill Gates, earns much more than I do; as long as I earn decent amount I would not care. Unfortunately, inequality goes hand in hand with living standards and poverty, which are real problems.
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