Monday, October 29, 2012

Inequality and Our World Economy: The Economist Reports on For Richer, For Poorer

For richer, for poorer ... where are YOU?

The Economist has picked up the cause of inequality under the banner of "True Progressivism" at Inequality and the world economy: True Progressivism, writing inter alia:
"... as our special report [For richer, for poorer] this week argues, inequality has reached a stage where it can be inefficient and bad for growth."
That special report writes, inter alia:
"The democratisation of living standards has masked a dramatic concentration of incomes over the past 30 years, on a scale that matches, or even exceeds, the first Gilded Age. Including capital gains, the share of national income going to the richest 1% of Americans has doubled since 1980, from 10% to 20%, roughly where it was a century ago.

... the economics establishment has become concerned about who gets what. Research by economists at the IMF suggests that income inequality slows growth, causes financial crises and weakens demand."
Read both the article and the report
to get a good grasp of the present world situation
and what may need to be done to get things back in balance.

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