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Inequality in America provides a snapshot of the issues posed by growing economic disparity, focusing particularly on America but drawing on international comparisons to help set the context. The authors examine the economic, technological, and political drivers of inequality as well as identify worrying trends associated with its rise, making the issues surrounding income distribution accessible to a wider public.
Book Synopsis Inequality in America by : Uri B. Dadush
Download or read book Inequality in America written by Uri B. Dadush and published by Brookings Institution Press. This book was released on 2012 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality in America provides a snapshot of the issues posed by growing economic disparity, focusing particularly on America but drawing on international comparisons to help set the context. The authors examine the economic, technological, and political drivers of inequality as well as identify worrying trends associated with its rise, making the issues surrounding income distribution accessible to a wider public.
The gap between the rich and the poor has grown dramatically in the United States and is now at its widest since at least the early 1900s. While by most measures the economy has been improving, soaring cost of living and stagnant wages have done little to assuage economic anxieties. Conditions like these seem designed to produce a generation-defining intervention to balance the economic scales and enhance opportunities for those at the middle and bottom of the country’s economic ladder—but we have seen nothing of the sort. Nathan J. Kelly argues that a key reason for this is that rising concentrations of wealth create a politics that makes reducing economic inequality more difficult. Kelly convincingly shows that, when a small fraction of the people control most of the economic resources, they also hold a disproportionate amount of political power, hurtling us toward a self-perpetuating plutocracy, or an “inequality trap.” Among other things, the rich support a broad political campaign that convinces voters that policies to reduce inequality are unwise and not in the average voter’s interest, regardless of the real economic impact. They also take advantage of interest groups they generously support to influence Congress and the president, as well as state governments, in ways that stop or slow down reform. One of the key implications of this book is that social policies designed to combat inequality should work hand-in-hand with political reforms that enhance democratic governance and efforts to fight racism, and a coordinated effort on all of these fronts will be needed to reverse the decades-long trend.
Book Synopsis America's Inequality Trap by : Nathan J. Kelly
Download or read book America's Inequality Trap written by Nathan J. Kelly and published by University of Chicago Press. This book was released on 2020-02-11 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gap between the rich and the poor has grown dramatically in the United States and is now at its widest since at least the early 1900s. While by most measures the economy has been improving, soaring cost of living and stagnant wages have done little to assuage economic anxieties. Conditions like these seem designed to produce a generation-defining intervention to balance the economic scales and enhance opportunities for those at the middle and bottom of the country’s economic ladder—but we have seen nothing of the sort. Nathan J. Kelly argues that a key reason for this is that rising concentrations of wealth create a politics that makes reducing economic inequality more difficult. Kelly convincingly shows that, when a small fraction of the people control most of the economic resources, they also hold a disproportionate amount of political power, hurtling us toward a self-perpetuating plutocracy, or an “inequality trap.” Among other things, the rich support a broad political campaign that convinces voters that policies to reduce inequality are unwise and not in the average voter’s interest, regardless of the real economic impact. They also take advantage of interest groups they generously support to influence Congress and the president, as well as state governments, in ways that stop or slow down reform. One of the key implications of this book is that social policies designed to combat inequality should work hand-in-hand with political reforms that enhance democratic governance and efforts to fight racism, and a coordinated effort on all of these fronts will be needed to reverse the decades-long trend.
As the incomes of affluent and poor families have diverged over the past three decades, so too has the educational performance of their children. But how exactly do the forces of rising inequality affect the educational attainment and life chances of low-income children? In Whither Opportunity? a distinguished team of economists, sociologists, and experts in social and education policy examines the corrosive effects of unequal family resources, disadvantaged neighborhoods, insecure labor markets, and worsening school conditions on K-12 education. This groundbreaking book illuminates the ways rising inequality is undermining one of the most important goals of public education—the ability of schools to provide children with an equal chance at academic and economic success. The most ambitious study of educational inequality to date, Whither Opportunity? analyzes how social and economic conditions surrounding schools affect school performance and children’s educational achievement. The book shows that from earliest childhood, parental investments in children’s learning affect reading, math, and other attainments later in life. Contributor Meredith Phillip finds that between birth and age six, wealthier children will have spent as many as 1,300 more hours than poor children on child enrichment activities such as music lessons, travel, and summer camp. Greg Duncan, George Farkas, and Katherine Magnuson demonstrate that a child from a poor family is two to four times as likely as a child from an affluent family to have classmates with low skills and behavior problems – attributes which have a negative effect on the learning of their fellow students. As a result of such disparities, contributor Sean Reardon finds that the gap between rich and poor children’s math and reading achievement scores is now much larger than it was fifty years ago. And such income-based gaps persist across the school years, as Martha Bailey and Sue Dynarski document in their chapter on the growing income-based gap in college completion. Whither Opportunity? also reveals the profound impact of environmental factors on children’s educational progress and schools’ functioning. Elizabeth Ananat, Anna Gassman-Pines, and Christina Gibson-Davis show that local job losses such as those caused by plant closings can lower the test scores of students with low socioeconomic status, even students whose parents have not lost their jobs. They find that community-wide stress is most likely the culprit. Analyzing the math achievement of elementary school children, Stephen Raudenbush, Marshall Jean, and Emily Art find that students learn less if they attend schools with high student turnover during the school year – a common occurrence in poor schools. And David Kirk and Robert Sampson show that teacher commitment, parental involvement, and student achievement in schools in high-crime neighborhoods all tend to be low. For generations of Americans, public education provided the springboard to upward mobility. This pioneering volume casts a stark light on the ways rising inequality may now be compromising schools’ functioning, and with it the promise of equal opportunity in America.
Book Synopsis Whither Opportunity? by : Greg J. Duncan
Download or read book Whither Opportunity? written by Greg J. Duncan and published by Russell Sage Foundation. This book was released on 2011-09-01 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the incomes of affluent and poor families have diverged over the past three decades, so too has the educational performance of their children. But how exactly do the forces of rising inequality affect the educational attainment and life chances of low-income children? In Whither Opportunity? a distinguished team of economists, sociologists, and experts in social and education policy examines the corrosive effects of unequal family resources, disadvantaged neighborhoods, insecure labor markets, and worsening school conditions on K-12 education. This groundbreaking book illuminates the ways rising inequality is undermining one of the most important goals of public education—the ability of schools to provide children with an equal chance at academic and economic success. The most ambitious study of educational inequality to date, Whither Opportunity? analyzes how social and economic conditions surrounding schools affect school performance and children’s educational achievement. The book shows that from earliest childhood, parental investments in children’s learning affect reading, math, and other attainments later in life. Contributor Meredith Phillip finds that between birth and age six, wealthier children will have spent as many as 1,300 more hours than poor children on child enrichment activities such as music lessons, travel, and summer camp. Greg Duncan, George Farkas, and Katherine Magnuson demonstrate that a child from a poor family is two to four times as likely as a child from an affluent family to have classmates with low skills and behavior problems – attributes which have a negative effect on the learning of their fellow students. As a result of such disparities, contributor Sean Reardon finds that the gap between rich and poor children’s math and reading achievement scores is now much larger than it was fifty years ago. And such income-based gaps persist across the school years, as Martha Bailey and Sue Dynarski document in their chapter on the growing income-based gap in college completion. Whither Opportunity? also reveals the profound impact of environmental factors on children’s educational progress and schools’ functioning. Elizabeth Ananat, Anna Gassman-Pines, and Christina Gibson-Davis show that local job losses such as those caused by plant closings can lower the test scores of students with low socioeconomic status, even students whose parents have not lost their jobs. They find that community-wide stress is most likely the culprit. Analyzing the math achievement of elementary school children, Stephen Raudenbush, Marshall Jean, and Emily Art find that students learn less if they attend schools with high student turnover during the school year – a common occurrence in poor schools. And David Kirk and Robert Sampson show that teacher commitment, parental involvement, and student achievement in schools in high-crime neighborhoods all tend to be low. For generations of Americans, public education provided the springboard to upward mobility. This pioneering volume casts a stark light on the ways rising inequality may now be compromising schools’ functioning, and with it the promise of equal opportunity in America.
Economic inequality is at a record high in the United States, but public demand for redistribution is not rising with it. Meghan Condon and Amber Wichowsky show that this paradox and other mysteries about class and US politics can be solved through a focus on social comparison. Powerful currents compete to propel attention up or down—toward the rich or the poor—pulling politics along in the wake. Through an astute blend of experiments, surveys, and descriptions people offer in their own words, The Economic Other reveals that when less-advantaged Americans compare with the rich, they become more accurate about their own status and want more from government. But American society is structured to prevent upward comparison. In an increasingly divided, anxious nation, opportunities to interact with the country’s richest are shrinking, and people prefer to compare to those below to feel secure. Even when comparison with the rich does occur, many lose confidence in their power to effect change. Laying bare how social comparisons drive political attitudes, The Economic Other is an essential look at the stubborn plight of inequality and the measures needed to solve it.
Book Synopsis The Economic Other by : Meghan Condon
Download or read book The Economic Other written by Meghan Condon and published by University of Chicago Press. This book was released on 2020-08-13 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic inequality is at a record high in the United States, but public demand for redistribution is not rising with it. Meghan Condon and Amber Wichowsky show that this paradox and other mysteries about class and US politics can be solved through a focus on social comparison. Powerful currents compete to propel attention up or down—toward the rich or the poor—pulling politics along in the wake. Through an astute blend of experiments, surveys, and descriptions people offer in their own words, The Economic Other reveals that when less-advantaged Americans compare with the rich, they become more accurate about their own status and want more from government. But American society is structured to prevent upward comparison. In an increasingly divided, anxious nation, opportunities to interact with the country’s richest are shrinking, and people prefer to compare to those below to feel secure. Even when comparison with the rich does occur, many lose confidence in their power to effect change. Laying bare how social comparisons drive political attitudes, The Economic Other is an essential look at the stubborn plight of inequality and the measures needed to solve it.
Income inequality is one of the most profound social, economic, and political challenges of our time. The gap between the rich and the poor has been regarded as a major concern for policy makers. This gap is at its highest level in decades for developed economies, while the inequality trend has been rising in many developing countries. In Asia, despite recent economic growth, income distribution has been worsening as well. This book contributes to the existing literature on inequality in Asia by focusing on three broad themes, corresponding to three parts of the volume. Part I offers an overview of inequality in Asia, Part II focuses on the drivers of rising inequality in Asia, and Part III presents country case studies.
Book Synopsis Demystifying Rising Inequality in Asia by : Bihong Huang
Download or read book Demystifying Rising Inequality in Asia written by Bihong Huang and published by . This book was released on 2019-01-29 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Income inequality is one of the most profound social, economic, and political challenges of our time. The gap between the rich and the poor has been regarded as a major concern for policy makers. This gap is at its highest level in decades for developed economies, while the inequality trend has been rising in many developing countries. In Asia, despite recent economic growth, income distribution has been worsening as well. This book contributes to the existing literature on inequality in Asia by focusing on three broad themes, corresponding to three parts of the volume. Part I offers an overview of inequality in Asia, Part II focuses on the drivers of rising inequality in Asia, and Part III presents country case studies.
A book that rewrites the history of American prosperity and inequality Unequal Gains offers a radically new understanding of the economic evolution of the United States, providing a complete picture of the uneven progress of America from colonial times to today. While other economic historians base their accounts on American wealth, Peter Lindert and Jeffrey Williamson focus instead on income—and the result is a bold reassessment of the American economic experience. America has been exceptional in its rising inequality after an egalitarian start, but not in its long-run growth. America had already achieved world income leadership by 1700, not just in the twentieth century as is commonly thought. Long before independence, American colonists enjoyed higher living standards than Britain—and America's income advantage today is no greater than it was three hundred years ago. But that advantage was lost during the Revolution, lost again during the Civil War, and lost a third time during the Great Depression, though it was regained after each crisis. In addition, Lindert and Williamson show how income inequality among Americans rose steeply in two great waves—from 1774 to 1860 and from the 1970s to today—rising more than in any other wealthy nation in the world. Unequal Gains also demonstrates how the widening income gaps have always touched every social group, from the richest to the poorest. The book sheds critical light on the forces that shaped American income history, and situates that history in a broad global context. Economic writing at its most stimulating, Unequal Gains provides a vitally needed perspective on who has benefited most from American growth, and why.
Book Synopsis Unequal Gains by : Peter H. Lindert
Download or read book Unequal Gains written by Peter H. Lindert and published by Princeton University Press. This book was released on 2017-12-05 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: A book that rewrites the history of American prosperity and inequality Unequal Gains offers a radically new understanding of the economic evolution of the United States, providing a complete picture of the uneven progress of America from colonial times to today. While other economic historians base their accounts on American wealth, Peter Lindert and Jeffrey Williamson focus instead on income—and the result is a bold reassessment of the American economic experience. America has been exceptional in its rising inequality after an egalitarian start, but not in its long-run growth. America had already achieved world income leadership by 1700, not just in the twentieth century as is commonly thought. Long before independence, American colonists enjoyed higher living standards than Britain—and America's income advantage today is no greater than it was three hundred years ago. But that advantage was lost during the Revolution, lost again during the Civil War, and lost a third time during the Great Depression, though it was regained after each crisis. In addition, Lindert and Williamson show how income inequality among Americans rose steeply in two great waves—from 1774 to 1860 and from the 1970s to today—rising more than in any other wealthy nation in the world. Unequal Gains also demonstrates how the widening income gaps have always touched every social group, from the richest to the poorest. The book sheds critical light on the forces that shaped American income history, and situates that history in a broad global context. Economic writing at its most stimulating, Unequal Gains provides a vitally needed perspective on who has benefited most from American growth, and why.
Inequality in income, earnings, and wealth has risen dramatically in the United States over the past three decades. Most research into this issue has focused on the causes—global trade, new technology, and economic policy—rather than the consequences of inequality. In Social Inequality, a group of the nation's leading social scientists opens a wide-ranging inquiry into the social implications of rising economic inequality. Beginning with a critical evaluation of the existing research, they assess whether the recent run-up in economic inequality has been accompanied by rising inequality in social domains such as the quality of family and neighborhood life, equal access to education and health care, job satisfaction, and political participation. Marcia Meyers and colleagues find that many low-income mothers cannot afford market-based child care, which contributes to inequality both at the present time—by reducing maternal employment and family income—and through the long-term consequences of informal or low-quality care on children's educational achievement. At the other end of the educational spectrum, Thomas Kane links the growing inequality in college attendance to rising tuition and cuts in financial aid. Neil Fligstein and Taek-Jin Shin show how both job security and job satisfaction have decreased for low-wage workers compared with their higher-paid counterparts. Those who fall behind economically may also suffer diminished access to essential social resources like health care. John Mullahy, Stephanie Robert, and Barbara Wolfe discuss why higher inequality may lead to poorer health: wider inequality might mean increased stress-related ailments for the poor, and it might also be associated with public health care policies that favor the privileged. On the political front, Richard Freeman concludes that political participation has become more stratified as incomes have become more unequal. Workers at the bottom of the income scale may simply be too hard-pressed or too demoralized to care about political participation. Social Inequality concludes with a comprehensive section on the methodological problems involved in disentangling the effects of inequality from other economic factors, which will be of great benefit to future investigators. While today's widening inequality may be a temporary episode, the danger is that the current economic divisions may set in motion a self-perpetuating cycle of social disadvantage. The most comprehensive review of this quandary to date, Social Inequality maps out a new agenda for research on inequality in America with important implications for public policy.
Book Synopsis Social Inequality by : Kathryn Neckerman
Download or read book Social Inequality written by Kathryn Neckerman and published by Russell Sage Foundation. This book was released on 2004-06-18 with total page 1044 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality in income, earnings, and wealth has risen dramatically in the United States over the past three decades. Most research into this issue has focused on the causes—global trade, new technology, and economic policy—rather than the consequences of inequality. In Social Inequality, a group of the nation's leading social scientists opens a wide-ranging inquiry into the social implications of rising economic inequality. Beginning with a critical evaluation of the existing research, they assess whether the recent run-up in economic inequality has been accompanied by rising inequality in social domains such as the quality of family and neighborhood life, equal access to education and health care, job satisfaction, and political participation. Marcia Meyers and colleagues find that many low-income mothers cannot afford market-based child care, which contributes to inequality both at the present time—by reducing maternal employment and family income—and through the long-term consequences of informal or low-quality care on children's educational achievement. At the other end of the educational spectrum, Thomas Kane links the growing inequality in college attendance to rising tuition and cuts in financial aid. Neil Fligstein and Taek-Jin Shin show how both job security and job satisfaction have decreased for low-wage workers compared with their higher-paid counterparts. Those who fall behind economically may also suffer diminished access to essential social resources like health care. John Mullahy, Stephanie Robert, and Barbara Wolfe discuss why higher inequality may lead to poorer health: wider inequality might mean increased stress-related ailments for the poor, and it might also be associated with public health care policies that favor the privileged. On the political front, Richard Freeman concludes that political participation has become more stratified as incomes have become more unequal. Workers at the bottom of the income scale may simply be too hard-pressed or too demoralized to care about political participation. Social Inequality concludes with a comprehensive section on the methodological problems involved in disentangling the effects of inequality from other economic factors, which will be of great benefit to future investigators. While today's widening inequality may be a temporary episode, the danger is that the current economic divisions may set in motion a self-perpetuating cycle of social disadvantage. The most comprehensive review of this quandary to date, Social Inequality maps out a new agenda for research on inequality in America with important implications for public policy.
Income inequality is rising. A quarter of a century ago, the average disposable income of the richest 10% in OECD countries was around seven times higher than that of the poorest 10%; today, it's around 9½ times higher. Why does this matter? Many fear this widening gap is hurting individuals, societies and even economies. This book explores income inequality across five main headings. It starts by explaining some key terms in the inequality debate. It then examines recent trends and explains why income inequality varies between countries. Next it looks at why income gaps are growing and, in particular, at the rise of the 1%. It then looks at the consequences, including research that suggests widening inequality could hurt economic growth. Finally, it examines policies for addressing inequality and making economies more inclusive.
Book Synopsis Income Inequality by : Brian Keeley
Download or read book Income Inequality written by Brian Keeley and published by Org. for Economic Cooperation & Development. This book was released on 2015-12-21 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Income inequality is rising. A quarter of a century ago, the average disposable income of the richest 10% in OECD countries was around seven times higher than that of the poorest 10%; today, it's around 9½ times higher. Why does this matter? Many fear this widening gap is hurting individuals, societies and even economies. This book explores income inequality across five main headings. It starts by explaining some key terms in the inequality debate. It then examines recent trends and explains why income inequality varies between countries. Next it looks at why income gaps are growing and, in particular, at the rise of the 1%. It then looks at the consequences, including research that suggests widening inequality could hurt economic growth. Finally, it examines policies for addressing inequality and making economies more inclusive.
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Book Synopsis Causes and Consequences of Income Inequality by : Ms.Era Dabla-Norris
Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-06-15 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.
Book Synopsis Engine of Inequality by : Karen Petrou
Download or read book Engine of Inequality written by Karen Petrou and published by John Wiley & Sons. This book was released on 2021-03-03 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.
