A look at global wealth Inequity

The rich are getting richer. Why? Is it a problem? For class discussion.

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    Both sides

    You should read/watch each of these.  Clearly there are many sides to any event.  things to think about: 

    1. Is inequality a problem?  Why or why not. 

    2. What are the causes of inequality?  (are these all bad?)

    3. Does the top 1% change?  (what is the role of economic class mobility)

    4. What does it say about free markets?  Are markets free?

    5. What trends do we see?  

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    Why inequality isn't a problem

    However, I take issue with the entire inequality discussion, as opportunity and prosperity are important objectives, but equality is not only a pipe dream, it isn't desirable. There is no equality. There's an old and true saying that "Life isn't fair." That's a fancy way of saying that life isn't equal.

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    Why income inequality is America's biggest (and most difficult) problem

    Bold prediction: Rising inequality of income and wealth will be the most important political battleground over the next few decades. Just take a look at the figures. The share of income accruing to the top 1 percent increased from 9 percent in 1976 to 20 percent in 2011.

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    Does income equality cause health or social problems?

    "The evidence from a range of studies suggests that there is indeed a correlation between income inequality and health and social problems. However, some further correlation analysis would be helpful in testing how sensitive the findings are to: different measures of social stratification; different measures of income inequality; variations in the countries selected; and the treatment of outliers. • Within any particular society, those with higher incomes do better on a range of outcomes. There is therefore a ‘social gradient’ in health, which means that every step up the socio-economic ladder leads to an increase in health. It is less clear whether every step up the ladder improves health by the same degree. • More recent studies have moved away from simple correlation analysis to investigate whether income inequality causes health and social problems, independent of other factors. There is less agreement about whether or not there is a causal relationship, but some rigorous studies provide evidence of such a relationship. • In studies which show that income inequality causes health and social problems, the size of this effect looks small in statistical terms; however, since these studies involve whole populations, the numbers of lives involved are significant. One study, for example, suggested that the loss of life from income inequality in the US in 1990 was the equivalent of the combined loss of life due to lung cancer, diabetes, motor-vehicle accidents, HIV-related causes, suicide and homicide (Lynch, et al., 1998). • Some research suggests that inequality is particularly harmful after it reaches a certain threshold. "

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    U.S. income inequality is bad, but wealth inequality is a bigger problem

    Emmanuel Saez, that assiduous tracker of economic inequality in the U.S., has been shifting his attention away from income inequality to a broader, thornier and more intractable issue: wealth inequality. As he observes in a paper published this week at the blog of the Washington Center for Equitable Growth, wealth inequality is "exploding," constituting " a direct threat to the cherished American ideals of meritocracy and opportunity."

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    From the BBC: As US president Obama prepares for his annual State of the Union speech on 28 January, income inequality is expected to be on the top of his agenda. The US has one of the highest income gaps in the developed world, and the gap is growing.

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    Rich Kid, Poor Kid: For 30 Years, Baltimore Study Tracked Who Gets Ahead

    Education is historically considered to be the thing that levels the playing field, capable of lifting up the less advantaged and improving their chances for success. "Play by the rules, work hard, apply yourself and do well in school, and that will open doors for you," is how Karl Alexander, a Johns Hopkins University sociologist, puts it.

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    Thomas Piketty: New thoughts on capital in the twenty-first century

    French economist Thomas Piketty caused a sensation in early 2014 with his book on a simple, brutal formula explaining economic inequality: r is greater than g (meaning that return on capital is generally higher than economic growth).

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    Thomas Piketty's 'Capital' in 3 minutes - Newsnight

    Our Policy Editor Chris Cook tells you everything you need to know about Thomas Piketty's landmark book on inequality: Capital in the twenty-first century. Follow @BBCNewsnight on Twitter https://twitter.com/BBCNewsnight Like BBC Newsnight on Facebook https://www.facebook.com/bbcnewsnight

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    Thomas Piketty's "Capital", summarised in four paragraphs

    IT IS the economics book taking the world by storm. "Capital in the Twenty-First Century", written by the French economist Thomas Piketty, was published in French...

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    Thomas Piketty's Capital: everything you need to know about the surprise bestseller

    That capitalism is unfair has been said before. But it is the way Thomas Piketty says it - subtly but with relentless logic - that has sent rightwing economics into a frenzy, both here and in the US. His book, Capital in the Twenty-First Century, has shot to the top of the Amazon bestseller list.

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    Why Inequality Matters

    EXCELLENT! A 700-page treatise on economics translated from French is not exactly a light summer read-even for someone with an admittedly high geek quotient. But this past July, I felt compelled to read Thomas Piketty's Capital in the Twenty-First Century after reading several reviews and hearing about it from friends.

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    How economic inequality harms societies

    We feel instinctively that societies with huge income gaps are somehow going wrong. Richard Wilkinson charts the hard data on economic inequality, and shows what gets worse when rich and poor are too far apart: real effects on health, lifespan, even such basic values as trust.

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    Last Week Tonight with John Oliver: Wealth Gap (HBO)

    John Oliver discusses America's growing wealth gap and why it may be a problem in the future. Connect with Last Week Tonight online...

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    Thomas Piketty Revives Marx for the 21st Century

    Thomas Piketty likes capitalism because it efficiently allocates resources. But he does not like how it allocates income. There is, he thinks, a moral illegitimacy to virtually any accumulation of wealth, and it is a matter of justice that such inequality be eradicated in our economy.

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    Data by country (Helpified won't accept the link)


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    The U.S. Is Even More Unequal Than You Realized

    When it comes to income inequality, no other developed economy does it quite like the U.S.A. If you need some proof, here it is: The chart above, from the Organization for Economic Co-operation and Development (OECD) using the World Top Incomes Database, shows how income gains between 1975 and 2007 were divvied up in 18 OECD countries for which the researchers had data.

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    The Great Divide: Global income inequality and its cost

    In cities around the world, the gap between the rich and the poor is widening. And in each of these cities, that growing inequality comes with a cost. The greatest cost is the political and economic instability that accompanies vast disparities of wealth, Nobel Prize-winning economist Joseph Stiglitz told GlobalPost, using the United States as an example.

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    Gains From Economic Recovery Still Limited to Top One Percent

    It's the economic statistic that spawned the Occupy protest movement ("We are the 99 percent"), reshaped President Obama's domestic program (" middle-class economics"), and most recently led the eternal Republican presidential hopeful Mitt Romney to bemoan that " the rich have gotten richer."

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    Here's how much it takes to join your state's 1% Capitol Report

    How much does it take to be in the 1%? It definitely doesn't take millions, and it all depends on where you live. According to a recent report by the left-leaning Economic Policy Institute, to be in the 1% looks something like this: Officially, to be considered in the top 1% in America, your household income would need to be well north of $380,000, according to IRS 2014 data .

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    Income data from census.gov

    Spreadsheets of US data

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    Wealth Inequality Is a Problem, but How Do You Even Begin to Solve It?

    You might consider America's vast wealth inequality, vividly illustrated in t his viral video, to be offensive, infuriating, or irrelevant. But it is not terribly mysterious. Rich people have more money. More money tends to lead to bigger properties, fatter savings, and better access to capital markets.

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    The pluridisciplinary digital library (eBook library)

    ScholarText by Cyberlibris is the first pluridisciplinary community driven digital library dedicated to business schools and engineering schools. It is used by hundred of thousands of students, professors, librarians worldwide.

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