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| Permalink View Article Stats (2 comments) Promoted to Headline (H4) on 4/5/11: Stiglitz: Of the 1%, By the 1% and For the 1% Quicklink submitted by Josh Mitteldorf (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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| Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation's income--an inequality even the wealthy will come to regret. An economy in which most citizens are doing worse year after year--an economy like America's--is not likely to do well over the long haul. First, growing inequality is the flip side of shrinking opportunity. Second, many of the distortions that lead to inequality - such as those associated with monopoly power and preferential tax treatment for special interests -undermine the efficiency of the economy. Third, a modern economy requires 'collective action'--it needs government to invest in infrastructure, education, and technology. Why is this happening? One big reason is that the rich have seized political control. |
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there's a lot that Stiglitz gets right about the economics,
by Josh Mitteldorf on Tuesday, Apr 5, 2011 at 9:13:19 PM
Crooks are also Investors
by Debbie S on Thursday, Apr 7, 2011 at 12:28:10 PM