{"id":5370,"date":"2015-02-07T09:04:28","date_gmt":"2015-02-07T14:04:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5370"},"modified":"2015-02-07T09:04:28","modified_gmt":"2015-02-07T14:04:28","slug":"what-thomas-piketty-and-larry-summers-dont-tell-you-about-income-inequality","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5370","title":{"rendered":"What Thomas Piketty and Larry Summers Don\u2019t Tell You About Income Inequality"},"content":{"rendered":"
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What Thomas Piketty and Larry Summers Don\u2019t Tell You About Income Inequality<\/a><\/h3>\n<\/div>\n
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So-called reasonable proposals on how to fix inequality are really a bunch of hot air.<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n

In a \u00a0<\/em>paper<\/a>\u00a0<\/em>\u00a0for the Institute for New Economic Thinking\u2019s Working Group on the \u00a0<\/em>Political Economy of Distribution<\/em><\/a>,\u00a0 economist Lance Taylor and his colleagues examine income inequality using new tools and models that give us a more nuanced \u2014 and frightening \u2014picture than we\u2019ve had before. Their simulation models show how so-called reasonable modifications like modest tax increases on the wealthy and boosting low wages are not going to be enough to stem the disproportionate tide of income rushing toward the rich. Taylor\u2019s research challenges the approaches of American policy makers, the assumptions of traditional economists and some of the conclusions drawn by Thomas Piketty and Larry Summers. Bottom line: We\u2019re not yet talking about the kinds of major changes needed to keep us from becoming a Downton Abbey society.<\/em><\/p>\n

Lynn Parramore: In America, the top 1 percent has steadily increased its income share while the rest are either treading water or sinking. Let\u2019s talk first about how you\u2019re measuring the problem of inequality.\u00a0<\/strong><\/p>\n

Lance Taylor: I think we need some detail to really understand what\u2019s going on. So I look at inequality across low, middle and top groups. How does the share of income of the richest group compare to the others? Where do these groups get their income and what do they do with it? Is the middle getting squeezed? What\u2019s driving income toward the rich?<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

What Thomas Piketty and Larry Summers Don\u2019t Tell You About Income Inequality So-called reasonable proposals on how to fix inequality are really a bunch of hot air. In a \u00a0paper\u00a0\u00a0for the Institute for New Economic Thinking\u2019s Working Group on the \u00a0Political Economy of Distribution,\u00a0 economist Lance Taylor and his colleagues examine income inequality using new […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1253,2384,2329,425,3284,1302,3283],"class_list":["post-5370","post","type-post","status-publish","format-standard","hentry","category-economics","tag-1253","tag-elite","tag-income-inequality","tag-inequality","tag-larry-summers","tag-status-quo","tag-thomas-piketty"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5370"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5370\/revisions"}],"predecessor-version":[{"id":5371,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5370\/revisions\/5371"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}