Joseph stiglitz inequality
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Joseph Stiglitz warned of wealth gap in 2012 — and it’s gotten worse
Nobel Prize-winning economist Joseph Stiglitz wrote a decade ago about an alarming wealth and income gap in the U.S. that had been set into motion by years of policy decisions but exacerbated by the 2007-2008 global financial crisis.
And things have actually gotten worse since the publication of “The Price of Inequality: How Today’s Divided Society Endangers Our Future” in 2012, he said in a discussion with David Autor, Ph.D. ’99, Monday evening at Harvard Kennedy School.
“We have more inequality than other countries and remarkably less equality of opportunity than almost any other country,” said Stiglitz, University Professor at Columbia University, during the 2022 James M. and Cathleen D. Stone Lecture in Economic Inequality, hosted by the Institute of Politics.
Since the release of Stiglitz’s book, data and analysis by economists such as Thomas Piketty, Emmanuel Saez, and others have brought the harms and expansive growth of economic inequality into sharper relief, he said.
One of the biggest changes since 2012 is the role politics plays in both shaping the discourse about inequality and creating it. Inequality was once explained as a natural result of technological innovation that had increased d
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The Price of Inequality
2012 nonfiction book by Joseph Stiglitz
The Price of Inequality: How Today's Divided Society Endangers Our Future is a 2012 book by Joseph Stiglitz that deals with income inequality in the United States. He attacks the growing wealth disparity and the effects it has on the economy at large.
Background
[edit]Stiglitz is a Nobel Prize–winning economist who teaches at Columbia University. He wrote The Price of Inequality during uprisings in Tunisia, Libya, and Egypt and the height of the Occupy movement in the United States.[1]
Synopsis
[edit]Stiglitz argues that inequality is self-perpetuating, that it is produced by the vast amount of political power the wealthy hold to control legislative and regulatory activity. He does not believe that globalization and technological changes are at the heart of differences in wealth in the U.S. "While there may be underlying economic forces at play,” he writes, “politics have shaped the market, and shaped it in ways that advantage the top at the expense of the rest.”[1] Stiglitz blames rent-seeking for causing the inequality, with the wealthy using their power to shape monopolies, incur favorable treatment by the government, and pay low taxes. The end result is not only morally w
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Nobel laureate Patriarch Stiglitz: admission inequality interchange a people-centered economy
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