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The Upside of Inequality

Author: Edward Conard

Publisher: Penguin

Published: 2016-09-13

Total Pages: 322

ISBN-13: 1595231234

The scourge of America’s economy isn't the success of the 1 percent—quite the opposite. The real problem is the government’s well-meaning but misguided attempt to reduce the payoffs for success. Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies. He warned that loose monetary policy would produce neither growth nor inflation, that expansionary fiscal policy would have no lasting benefit on growth in the aftermath of the crisis, and that ill-advised attempts to rein in banking based on misplaced blame would slow an already weak recovery. Unfortunately, he was right. Now he’s back with another provocative argument: that our current obsession with income inequality is misguided and will only slow growth further. Using fact-based logic, Conard tracks the implications of an economy now constrained by both its capacity for risk-taking and by a shortage of properly trained talent—rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal economists like Larry Summers and Joseph Stiglitz and the myths of “crony capitalism” more broadly. Instead, he argues that the growing wealth of most successful Americans is not to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting not just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an economy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.

The Upside of Inequality

Author: Edward Conard

Publisher: National Geographic Books

Published: 2016-09-13

Total Pages: 0

ISBN-13: 1595231234

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Unintended Consequences

Author: Edward Conard

Publisher: Penguin

Published: 2013-04-30

Total Pages: 321

ISBN-13: 1591846307

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Was our country’s economic success before the Crash of ‘08 built on false pretenses? Did we simply borrow and spend too much, or was something else really going on? The conventional wisdom now accuses Wall Street and the mortgage industry of using predatory tactics to seduce homeowners. Meanwhile, average Americans are blamed for increasing consumption to unsustainable levels by borrowing recklessly. And the tax policies of the Reagan and Bush administrations are blamed for encouraging reckless risk-taking. Edward Conard disagrees. In an attempt to set the record straight he presents a fascinating new case for how the economy really works, why the U.S. has outperformed other countries, what caused the financial crisis, and what improvements might better protect our economy without damaging growth.

Summary and Analysis of The Upside of Inequality: How Good Intentions Undermine the Middle Class

Author: Worth Books

Publisher: Open Road Media

Published: 2017-04-04

Total Pages: 31

ISBN-13: 1504045955

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Summary and Analysis of The Upside of Inequality: How Good Intentions Undermine the Middle Class Based on the Book by Edward Conard So much to read, so little time? This brief overview of The Upside of Inequality tells you what you need to know—before or after you read Edward Conard’s book. Crafted and edited with care, Worth Books set the standard for quality and give you the tools you need to be a well-informed reader. This short summary and analysis of The Upside of Inequality includes: Historical context Chapter-by-chapter overviews Important quotes Fascinating trivia Glossary of terms Supporting material to enhance your understanding of the original work About The Upside of Inequality: How Good Intentions Undermine the Middle Class by Edward Conard: New York Times–bestselling author Edward Conard argues in favor of an American economic system that results in massive income inequality. Breaking down the causes of inequality while dispelling many of the myths surrounding stagnating wages and financial disparity for the the lower and middle classes, Conard dismisses the call for wealth redistribution. He, instead, makes the case for lower taxes, less regulation of banks, restricted immigration, and lower trade deficits. The summary and analysis in this ebook are intended to complement your reading experience and bring you closer to a great work of nonfiction.

The Great Divergence

Author: Timothy Noah

Publisher: Bloomsbury Publishing USA

Published: 2012-04-24

Total Pages: 273

ISBN-13: 1608196348

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For the past three decades, America has steadily become a nation of haves and have-nots. Our incomes are increasingly unequal. This steady growing apart is often mentioned as a troubling indicator by scholars and policy analysts, though seldom addressed by politicians. What economics Nobelist Paul Krugman terms "the Great Divergence" has till now been treated as little more than a talking point, a rhetorical club to be wielded in ideological battles. But this Great Divergence may be the most important change in this country during our lifetimes-a drastic, elemental change in the character of American society, and not at all for the better. The inequality gap is much more than a left-right hot potato-its causes and consequences call for a patient, non-partisan exploration. Timothy Noah's The Great Divergence, based on his award-winning series of articles for Slate, surveys the roots of the wealth gap, drawing on the best thinking of contemporary economists and political scientists. Noah also explores potential solutions to the problem, and explores why the growing rich-poor divide has sparked remarkably little public anger, in contrast to social unrest that prevailed before the New Deal. The Great Divergence is poised to be one of the most talked-about books of 2012, a jump-start to the national conversation about the shape of American society in the 21st century, and a work that will help frame the debate in a Presidential election year.

Behind the Label

Author: Edna Bonacich

Publisher: Univ of California Press

Published: 2000-06-28

Total Pages: 418

ISBN-13: 9780520925595

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In a study crucial to our understanding of American social inequality, Edna Bonacich and Richard Appelbaum investigate the return of sweatshops to the apparel industry, especially in Los Angeles. The "new" sweatshops, they say, need to be understood in terms of the decline in the American welfare state and its strong unions and the rise in global and flexible production. Apparel manufacturers now have the incentive to move production to wherever low-wage labor can be found, while maintaining arm's-length contractual relations that protect them from responsibility. The flight of the industry has led to a huge rise in apparel imports to the United States and to a decline in employment. Los Angeles, however, remains a puzzling exception in that its industry employment has continued to grow, to the point where L.A. is the largest center of apparel production in the nation. Not only the availability of low-wage immigrant (often undocumented) workers but also the focus on moderately priced, fashion-sensitive women's wear makes this possible. Behind the Label examines the players in the L.A. apparel industry, including manufacturers, retailers, contractors, and workers, evaluating the maldistribution of wealth and power. The authors explore government and union efforts to eradicate sweatshops while limiting the flight to Mexico and elsewhere, and they conclude with a description of the growing antisweatshop movement. Los Angeles Times Best Nonfiction Book of 2000

Dream Hoarders

Author: Richard Reeves

Publisher: Brookings Institution Press

Published: 2018-05-08

Total Pages: 206

ISBN-13: 0815735499

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Dream Hoarders sparked a national conversation on the dangerous separation between the upper middle class and everyone else. Now in paperback and newly updated for the age of Trump, Brookings Institution senior fellow Richard Reeves is continuing to challenge the class system in America. In America, everyone knows that the top 1 percent are the villains. The rest of us, the 99 percent—we are the good guys. Not so, argues Reeves. The real class divide is not between the upper class and the upper middle class: it is between the upper middle class and everyone else. The separation of the upper middle class from everyone else is both economic and social, and the practice of “opportunity hoarding”—gaining exclusive access to scarce resources—is especially prevalent among parents who want to perpetuate privilege to the benefit of their children. While many families believe this is just good parenting, it is actually hurting others by reducing their chances of securing these opportunities. There is a glass floor created for each affluent child helped by his or her wealthy, stable family. That glass floor is a glass ceiling for another child. Throughout Dream Hoarders, Reeves explores the creation and perpetuation of opportunity hoarding, and what should be done to stop it, including controversial solutions such as ending legacy admissions to school. He offers specific steps toward reducing inequality and asks the upper middle class to pay for it. Convinced of their merit, members of the upper middle class believes they are entitled to those tax breaks and hoarded opportunities. After all, they aren't the 1 percent. The national obsession with the super rich allows the upper middle class to convince themselves that they are just like the rest of America. In Dream Hoarders, Reeves argues that in many ways, they are worse, and that changes in policy and social conscience are the only way to fix the broken system.

Unbound

Author: Heather Boushey

Publisher:

Published: 2019

Total Pages: 305

ISBN-13: 0674919319

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Many fear that efforts to address inequality will undermine the economy as a whole. But the opposite is true: rising inequality has become a drag on growth and an impediment to market competition. Heather Boushey breaks down the problem and argues that we can preserve our nation's economic traditions while promoting shared economic growth.

Toxic Inequality

Author: Thomas M. Shapiro

Publisher: Basic Books

Published: 2017-03-14

Total Pages: 272

ISBN-13: 0465094872

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"Everyone concerned about the toxic effects of inequality must read this book."--Robert B. Reich "This is one of the most thought-provoking books I have read on economic inequality in the US."--William Julius Wilson Since the Great Recession, most Americans' standard of living has stagnated or declined. Economic inequality is at historic highs. But inequality's impact differs by race; African Americans' net wealth is just a tenth that of white Americans, and over recent decades, white families have accumulated wealth at three times the rate of black families. In our increasingly diverse nation, sociologist Thomas M. Shapiro argues, wealth disparities must be understood in tandem with racial inequities--a dangerous combination he terms "toxic inequality." In Toxic Inequality, Shapiro reveals how these forces combine to trap families in place. Following nearly two hundred families of different races and income levels over a period of twelve years, Shapiro's research vividly documents the recession's toll on parents and children, the ways families use assets to manage crises and create opportunities, and the real reasons some families build wealth while others struggle in poverty. The structure of our neighborhoods, workplaces, and tax code-much more than individual choices-push some forward and hold others back. A lack of assets, far more common in families of color, can often ruin parents' careful plans for themselves and their children. Toxic inequality may seem inexorable, but it is not inevitable. America's growing wealth gap and its yawning racial divide have been forged by history and preserved by policy, and only bold, race-conscious reforms can move us toward a more just society.

The Captured Economy

Author: Brink Lindsey

Publisher: Oxford University Press

Published: 2017-10-13

Total Pages: 240

ISBN-13: 0190627786

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For years, America has been plagued by slow economic growth and increasing inequality. In The Captured Economy, Brink Lindsey and Steven M. Teles identify a common factor behind these twin ills: breakdowns in democratic governance that allow wealthy special interests to capture the policymaking process for their own benefit. They document the proliferation of regressive regulations that redistribute wealth and income up the economic scale while stifling entrepreneurship and innovation. They also detail the most important cases of regulatory barriers that have worked to shield the powerful from the rigors of competition, thereby inflating their incomes: subsidies for the financial sector's excessive risk taking, overprotection of copyrights and patents, favoritism toward incumbent businesses through occupational licensing schemes, and the NIMBY-led escalation of land use controls that drive up rents for everyone else. An original and counterintuitive interpretation of the forces driving inequality and stagnation, The Captured Economy will be necessary reading for anyone concerned about America's mounting economic problems and how to improve the social tensions they are sparking.