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Inequality and Instability - A Study of the World Economy Just Before the Great Crisis (Hardcover)
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Inequality and Instability - A Study of the World Economy Just Before the Great Crisis (Hardcover)
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Inequality is a charged topic. Measures of income inequality rose
in the USA in the 1990s to levels not seen since 1929 and gave rise
to a suspicion, not for the first time, of a link between radical
inequality and financial instability with a resulting crisis under
capitalism. Professional macroeconomists have generally taken
little interest in inequality because, within the parameters of
traditional economic theory, the economy will stabilize itself at
full employment. In addition, enlightened economists could enact
stabilizing measures to manage any imbalances. The dominant voices
among academic economists were unable to interpret the causal
forces at work during both the Great Depression and the recent
global financial crisis. In Inequality and Instability, James K.
Galbraith argues that since there has been no serious work done on
the macroeconomic effects of inequality, new sources of evidence
are required. Galbraith offers for the first time a vast expansion
of the capacity to calculate measures of inequality both at lower
and higher levels of aggregation. Instead of measuring inequality
as traditionally done, by country, Galbraith insists that to
understand real differences that have real effects, inequality must
be examined through both smaller and larger administrative units,
like sub-national levels within and between states and provinces,
multinational continental economies, and the world. He points out
that inequality could be captured by measures across administrative
boundaries to capture data on more specific groups to which people
belong. For example, in China, economic inequality reflects the
difference in average income levels between city and countryside,
or between coastal regions and the interior, and a simple ratio
averages would be an indicator of trends in inequality over the
country as a whole. In a comprehensive presentation of this new
method of using data, Inequality and Instability offers an
unequaled look at the US economy and various global economies that
was not accessible to us before. This provides a more sophisticated
and a more accurate picture of inequality around the world, and how
inequality is one of the most basic sources of economic
instability.
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