Solow and Krugman on inequality24 May, 2015 at 11:06 | Posted in Economics | Leave a comment
Are you tired of people like walked-out Harvard economist Greg Mankiw and their repeated attempts at defending the 1 % by invoking Adam Smith’s invisible hand and arguing that a market economy is some kind of moral free zone where, if left undisturbed, people get what they “deserve”?
Then I suggest you listen to this great conversation on inequality:
Listening to Solow and Krugman is a healthy antidote to unashamed neoliberal inequality apologetics.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes … I believe that there is social and psychological justification for significant inequalities of income and wealth, but not for such large disparities as exist to-day.
John Maynard Keynes General Theory (1936)
A society where we allow the inequality of incomes and wealth to increase without bounds, sooner or later implodes. The cement that keeps us together erodes and in the end we are only left with people dipped in the ice cold water of egoism and greed.