dunnettreader + inequality-wealth   19

Jeffrey Edward Green - Rawls and the Forgotten Figure of the Most Advantaged: In Defense of Reasonable Envy toward the Superrich (2013) | American Political Science Review on JSTOR
This article aims to correct the widespread imbalance in contemporary liberal thought, which makes explicit appeal to the "least advantaged" without parallel attention to the "most advantaged" as a distinct group in need of regulatory attention. Rawls's influential theory of justice is perhaps the paradigmatic instance of this imbalance, but I show how a Rawlsian framework nonetheless provides three justifications for why implementers of liberal justice—above all, legislators—should regulate the economic prospects of a polity's richest citizens: as a heuristic device for ensuring that a system of inequalities not reach a level at which inequalities cease being mutually advantageous, as protection against excessive inequalities threatening civic liberty, and as redress for a liberal society's inability to fully realize fair equality of opportunity with regard to education and politics. Against the objection that such arguments amount to a defense of envy, insofar as they support policies that in certain instances impose economic costs on the most advantaged with negative or neutral economic impact on the rest of society, I attend to Rawls's often overlooked distinction between irrational and reasonable forms of envy, showing that any envy involved in the proposed regulation of the most advantaged falls within this latter category. - downloaded via iphone to dbox
politics-and-money  political_participation  inequality-wealth  regulatory_capture  political_philosophy  political_culture  tax_havens  Early_Republic  inequality  estate_tax  intellectual_history  inheritance  republicanism  Plato-Republic  elites-political_influence  Jefferson  Harrington  crony_capitalism  Europe-Early_Modern  fairness  article  Aristotle  social_capital  social_theory  Rawls  social_democracy  Machiavelli  Plato  inequality-opportunity  jstor  bibliography  ancient_Rome  regulation  justice  liberalism  egalitarian  regulatory_avoidance  interest_groups  legitimacy  deliberative_democracy  political_history  class_conflict  downloaded  education-elites  social_order  elites-self-destructive  Roman_Republic  ancient_Greece  republics-Ancient_v_Modern 
july 2017 by dunnettreader
Thomas Palley » A Theory of Economic Policy - Lock-in and Lock-out via Hysterisis (WP October 2016)
A Theory of Economic Policy Lock-in and Lock-out via Hysterisis: Rethinking Economists’ Approach to Economic Policy
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment. - downloaded via iPhone to DBOX
inequality-wealth  political_economy  inequality  neoliberalism  downloaded  economic_policy  elites-political_influence  distribution-wealth  macroeconomics  paper  path-dependency  business_cycles 
october 2016 by dunnettreader
Maximillian Kasy - Empirical Research on Economic Inequality -- AN OPEN ONLINE TEXTBOOK
AN OPEN ONLINE TEXTBOOK BY MAXIMILIAN KASY -- Welcome to
Empirical Research on Economic Inequality -- This textbook developed out of a class I taught at Harvard, and subsequently at IHS Wien and at the University of Zurich. The purpose of this textbook is twofold. First, to teach you about economic inequality, some of its causes, and how it is affected by policy. Second, to teach you econometric methods that have been used in the literature on economic inequality, so as to help you conduct your own research on these topics.
website  etexts  inequality  inequality-wealth  inequality-opportunity  inequality-global  econometrics  economic_sociology  justice  discrimination  distribution-income  distribution-wealth  gender  racism  1-percent  labor  unions  diversity 
july 2016 by dunnettreader
What It's Worth - Building a Strong Financial Future
Americans everywhere struggle to build strong financial futures for themselves and their families. The new book, What It's Worth, provides a roadmap for what families, communities and our nation can do to move forward on the path to financial well-being.
Collection of essays by people working on financial inclusion, asset-building etc. - downloaded via iPhone to DBOX
gig_economy  education-finance  philanthropy  credit  usury  financial_innovation  US_society  inequality-wealth  local_government  pensions  corporate_citizenship  mobility  banking  wages  health_care  access_to_finance  housing  financial_regulation  report  social_entrepreneurs  poverty  downloaded  welfare  US_economy  US_politics  families  mortgages  segregation  inequality  NBFI  unemployment  US_government 
april 2016 by dunnettreader
Branko Milanovic - Inequality: the structural aspects - February 2016
Despite the unprecedented attention that income and wealth inequality has received in this year’s presidential campaign in the United States and in several…
Instapaper  inequality-global  inequality-wealth  inequality-opportunity  inequality  political_economy  polarization  economic_growth  economic_history  labor_share  Latin_America  mobility  from instapaper
february 2016 by dunnettreader
Cousin and Chauvin - L'économie symbolique du capital social (2012) - Cairn.info
The Symbolic Economy of Social Capital
Drawing on several studies dealing with upper-class sociability (in particular an investigation of Milan’s traditional social clubs and Rotary clubs), this article develops a relational analysis of social capital, i.e. one that is attentive to the distinctive value of the forms taken by social capital. Indeed, unequal conditions of accumulation of social capital give rise to a relation of symbolic domination between the different ways of actualizing it, of maintaining it, and of representing it. We review the main theories of social capital – network analysis and cultural sociology – in an attempt at combining them. We show how they both neglect this relational dimension. Finally, we present the heuristic advantages of an approach sensitive to the fact that the different ways of describing (and legitimizing) social connections are themselves symbolic resources in the accumulation and preservation of social capital. -- downloaded via iPhone to DBOX
social_capital  networks-business  social_theory  inequality-wealth  downloaded  methodological_individualism  status  networks-social  article  civil_society  values  methodology 
february 2016 by dunnettreader
Ravi Kanbur, Joseph Stiglitz - Wealth and income distribution: New theories needed for a new era | VOX, CEPR’s Policy Portal - 18 August 2015
Growth theories traditionally focus on the Kaldor-Kuznets stylised facts. Ravi Kanbur and Nobelist Joe Stiglitz argue that these no longer hold; new theory is needed. The new models need to drop competitive marginal productivity theories of factor returns in favour of rent-generating mechanism and wealth inequality by focusing on the ‘rules of the game.’ They also must model interactions among physical, financial, and human capital that influence the level and evolution of inequality. A third key component will be to capture mechanisms that transmit inequality from generation to generation. -- short and sweet summary of the various gaps in standard models and where both new explanatory and normative work needed -- also see references -- downloaded as pdf to Note
paper  economic_growth  economic_theory  economic_models  capital  productivity-labor_share  production  macroeconomics  distribution-wealth  distribution-income  inequality  inequality-wealth  labor_share  wages  inequality-opportunity  downloaded 
september 2015 by dunnettreader
Michael Cragg and Rand Ghayad - Growing Apart: The Evolution of Income vs. Wealth Inequality | The Economists' Voice - July 2015
Michael Cragg and Rand Ghayad are employed by The Brattle Group. -- The gap between the richest Americans and the rest of the nation has changed dramatically over the past three decades – becoming one of the most challenging political and economic trends for the nation. For decades prior to that, the distribution of wealth and income had been relatively stable, so much that a central problem posed in the economics literature was to explain this stability. But beginning in the early 1980s, inequality began to grow rapidly and has recently been attracting substantial attention from policymakers and researchers reflecting a widespread concern that reflecting a widespread concern that growing labor incomes of senior executives, finance professionals, and successful entrepreneurs is entailing large economic costs to society. The dominant paradigm in the media and Washington is that inequality is purely a matter of divergence in earned (labor) income inequality which can be ameliorated by making earned income taxes more progressive and shifting spending to help the poorer. However, this is not the story: wealth inequality, as it turns out, is much worse. This warrants emphasis for a variety of reasons: (1) a growing body of research that suggests that in the head-on comparison it is wealth inequality, rather than income inequality or poverty that has a negative, statistically significant effect on economic growth.1 (2) Historically societies have failed when wealth has become overly concentrated; and (3) the wedge between earned and unearned income tax rates reduces progressivity as capital income rises. We offer a number of solutions which should generate debate amongst economists as they test conventional wisdom.
paper  paywall  economic_history  economic_growth  inequality  inequality-wealth  labor_share  wages 
september 2015 by dunnettreader
Markus Brückner, Daniel Lederman - Effects of income inequality on economic growth | VOX, CEPR’s Policy Portal - 07 July 2015
The relationship between aggregate output and income inequality is central in macroeconomics. This column argues that greater income inequality raises the economic growth of poor countries and decreases the growth of high- and middle-income countries. Human capital accumulation is an important channel through which income inequality affects growth.
economic_growth  economic_models  macroeconomics  inequality  inequality-wealth  trickle-down  LDCs  OECD_economies  human_capital 
july 2015 by dunnettreader
David Millon - The Single Constituency Argument in the Economic Analysis of Business Law :: SSRN - Jan 2007
David Millon, Washington and Lee University - School of Law -- Research in Law and Economics, 2007 -- Washington & Lee Legal Studies Paper No. 2007-01 -- The essay points out an interesting parallel in law-and-economics business law scholarship. Working largely independently of each other, economically oriented scholars working in different areas have argued that the law should focus on the interests of a single constituency - shareholders in corporate law, creditors in bankruptcy law, and consumers in antitrust law. Economic analysts thus have rejected arguments advanced by progressive scholars working in each of these areas that the law should instead concern itself with the full range of constituencies affected by business activity. The law-and-economics single constituency claim rests in part on skepticism about judicial competence but the underlying objection is to the use of law for redistributive purposes. The primary value is efficiency, defined in terms of market-generated outcomes. In this essay, I question this political commitment, suggesting that it implies a strong tendency toward maintenance of the existing distribution of wealth. Even more importantly, the single constituency claim may actually have redistributive implications. In each of these areas of business law, however, it is a regressive program that favors owners of capital against those who are generally less well of, such as workers and small business owners. -- Number of Pages in PDF File: 31 -- saved to briefcase
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  political_philosophy  political_economy  law-and-economics  conflict_of_interest  principal-agent  profit_maximization  incentives  incentives-distortions  efficiency  shareholder_value  creditors  consumers  consumer_protection  competition  status_quo_bias  capital  inequality-wealth  inequality-opportunity  power-asymmetric  capital_as_power  distribution-income  distribution-wealth  corporate_governance  corporate_law  corporate_citizenship  bankruptcy  antitrust  conservative_legal_challenges 
july 2015 by dunnettreader
Lee Anne Fennell, Richard H. McAdams - The Distributive Deficit in Law and Economics :: SSRN - Minnesota Law Review, Forthcoming (April 2015)
Lee Anne Fennell, Richard H. McAdams, both University of Chicago Law School -- University of Chicago Coase-Sandor Institute for Law & Economics Research Paper No. 713 -- Welfarist law and economics ignores the distributive consequences of legal rules to focus solely on efficiency, even though distribution unambiguously affects welfare, the normative maximand. The now-conventional justification for disregarding distribution is the claim of tax superiority: that the best means of influencing or correcting distribution is via tax-and-transfer. Critics have observed that optimal redistribution through tax may be politically infeasible, but have generally overlooked the rejoinder that the same political impediments to redistribution through tax will block redistribution through legal rules. This “invariance hypothesis,” as we label it, holds that there is only one distributive equilibrium and that Congress will offset through tax any deviations from it. We highlight the centrality of invariance to the conventional economic wisdom and assert that it is just as relevantly false as the zero transaction cost assumption. In contexts where political impediments to tax-based redistribution exceed the impediments to doctrinal redistribution, it may be possible to increase welfare by redistributing outside of tax. Welfarists should, therefore, devote as much scholarly attention to the “political action costs” of redistribution as they do to transaction costs.-- PDF File: 65. -- Keywords: redistribution, tax-and-transfer, legal rules, law and economics, welfare economics -- saved to briefcase
article  SSRN  philosophy_of_law  welfare_economics  behavioral_economics  law-and-economics  redistribution  tax_policy  transaction_costs  inequality  inequality-wealth  policymaking  US_politics 
july 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Why the mortgage interest tax deduction should disappear, but won't - June 2015
In the run-up to the 2012 U.S. Presidential election, Planet Money asked five economists from across the political spectrum for proposals that they would like… Great job of not only showing how distortionary it is, but the impact on all house prices, not just the ones currently enjoying large deductions, if it were to be eliminated. They map out the huge scale of the negative ripple effects on the entire economy if housing prices were to precipitously fall -- folks at the bottom would get hammered the worst in terms of the amount of home equity, and consequently the portion of their wealth, which would be wiped out. The impact on global financial markets would also be ugly. So we're stuck with the system -- nevvah gonns happen
US_economy  US_politics  tax_reform  housing  mortgages  inequality-wealth  from instapaper
june 2015 by dunnettreader
Nancy Fraser: Rethinking Recognition. New Left Review 3, May-June 2000.
Has the liberating charge of struggles for recognition dissolved into pure identity politics? Do these have to sidestep inequalities of wealth and power? Not, Nancy Fraser contends, if recognition is understood as a question of social status rather than existential address. -- interesting fit from a social justice angle of key themes taken up by Jacib Levy in his new book -- downloaded pdf to Note
social_theory  culture_wars  cultural_authority  classes  status  political_participation  minorities  identity  identity_politics  multiculturalism  communitarian  identity-multiple  wealth  inequality-opportunity  inequality  inequality-wealth  redistribution  reification  recognition  Hegel  dialogue  marginalized_groups  downloaded 
june 2015 by dunnettreader
JW Mason - The Slack Wire: The End of the Supermanager? - June 2015
Like Larry at EPI, he finds the new highly heralded paper that claims the growth of inequality has been principally between firms rather than between "classes" -- some of the results don't fully pass the smell test e.g. that different sectors don't appear to be an important variable, which doesn't square with what we know about the financial services industry. More interesting is breaking down "sources" of income for those at the top of the income distribution pyramid, and what's been happening with the mix of sources. There was a huge spurt in CEO compensation "from labor" from, say $1M to $10M. Then since c. 2000, it's dropped back down to $5M. So the continued process of the lion's share of growth in GNP going to the tippy-top is now increasingly income from wealth, not "labor". A pattern to chew on, but it further complicates the claims of the paper that we're seeing inequality emerge from n apparently less nefarious process than rampant greed of superstars. It's inter-firm competition, the benefits of which the lower orders participate in via higher compensation than peers in less competitive firms.
Instapaper  US_economy  economic_history  post-Cold_War  21stC  inequality  inequality-wealth  executive_compensation  competition  Innovation  labor_share  productivity  productivity-labor_share  from instapaper
june 2015 by dunnettreader
Charles A.E. Goodhart, Philipp Erfurth - Monetary policy and long-term trends | VOX, CEPR’s Policy Portal - 03 November 2014
There has been a long-term downward trend in labour’s share of national income, depressing both demand and inflation, and thus prompting ever more expansionary monetary policies. This column argues that, while understandable in a short-term business cycle context, this has exacerbated longer-term trends, increasing inequality and financial distortions. Perhaps the most fundamental problem has been over-reliance on debt finance. The authors propose policies to raise the share of equity finance in housing markets; such reforms could be extended to other sectors of the economy. -- downloaded page as pdf to Note
macroeconomics  global_economy  globalization  labor_share  Labor_markets  inequality-global  inequality  inequality-wealth  OECD_economies  wages  housing  mortgages  debt  debt-overhang  asset_prices  interest_rates  bubbles  real_estate  equity-corporate  equity_markets  central_banks  monetary_policy  financial_system  financial_crisis  LTV  downloaded 
may 2015 by dunnettreader
Alan B. Krueger - The great utility of the Great Gatsby Curve | Brookings May 2015
Every so often an academic finding gets into the political bloodstream. A leading example is "The Great Gatsby Curve," describing an inverse relationship between income inequality and intergenerational mobility. Born in 2011, the Curve has attracted plaudits and opprobrium in almost equal measure. Over the next couple of weeks, Social Mobility Memos is airing opinions from both sides of the argument, starting today with Prof Alan Krueger, the man who made the Curve famous. -- Building on the work of Miles Corak, Anders Björklund, Markus Jantti, and others, I proposed the “Great Gatsby Curve” in a speech in January 2012. The idea is straightforward: greater income inequality in one generation amplifies the consequences of having rich or poor parents for the economic status of the next generation.
The curve is predicted by economic theory…
US_economy  inequality  inheritance  inequality-opportunity  inequality-wealth  families  economic_sociology  economic_theory  economic_models  microeconomics  mobility  statistics  Instapaper  from instapaper
may 2015 by dunnettreader

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