Sunday, July 16, 2006

Income Inequality And Current Events

I recently posted about income inequality and immobility. Apparently, I'm up on what's being discussed among some:

DeLong makes the point that increasing inequality preceded the large-scale introduction of personal computers. The thesis of skills-biased technological change is thus undermined. DeLong does not reference James Galbraith (1998) for this point.

When it comes to explaining personal or functional income distribution, neoclassical economics is intellectually bankrupt. Warren Buffet (CNN, June 2005) understands: "It's class warfare, my class is winning, but they shouldn't be."
  • Galbraith, James K. (1998). Created Unequal: The Crisis in American Pay, New York: The Free Press

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