Stiglitz, Krugman On Piketty And Inequality: Panel Discussion

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Published on Dec 18, 2014

Presented by Joseph Stiglitz, Paul Krugman, Duncan Foley, and Branko Milanovic at Columbia Law School. Inequality has become one of the major talking points amongst economists since the advent of Thomas Piketty’s book Capital in the Twenty-First Century. Piketty argues in the book that the main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—threatens to generate extreme inequalities that stir discontent and undermine democratic values. He calls for political action and policy intervention.

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6 COMMENTS

  1. terrible , he is talking about things like about something abstract , like cosmos ., saying :we grew from to .What he has to do with that growth ? Behind that fact is a business community , people who put efforts , time and skills. And now all these professors want to assume these people as numbers and tendency to make easy to devastate anything they create.( usually through tax system , actually talking about redistribution between wealthy and poor but indeed meaning redistribution between wealthy and Government ( at least for Liberals ) what should fail anyway being intervention in organic fabric of capitalism

  2. As more and more people receive government aid the disparity will grow even bigger. It`s not possible for these people to keep up with the growth in wages working people receive. The only fix is to get these people back to work. Its starts with a meaningful education. There are many majors that need to be eliminated because they offer no real rate of return. They are simply not needed. School counselors need to do a better job at steering kids to a degree that will give them a better chance at a employment with real wages.

  3. Let’s see, a discussion that is stacked with those who would destroy capitalism at a moments notice, with nothing but ineffective.socialist theory, that has been shown time and again to never work, assumptions about this system that have a hard time existing in fantasy land, much less in reality, mixed well with a healthy dose of communism and you have a total waste of cyberspace!

  4. There seems to be an assumption that there will enough jobs for everyone to have one. I doubt that will be true especially as more and more goods can be produced elsewhere and delivered to your door via UPS or Fedex. Executives in the US expect to be well paid by their shareholders for reducing labor costs and shipping jobs abroad.

  5. What is often missing from the discussion of growing inequality is that it is a result of government policy. Reflect a little. High legal immigration and immigration non enforcement have led to weak labor markets. This is true particularly for lower skilled workers. Employers have supported these cheap labor policy as well as cheap labor outsourcing policies. Trade deals have been bad for manufacturing and good for tech industries and agriculture. The tech industry hires limited number of non immigrant Americans. Production is out sourced and a large percentage of the non production workers are VISA holders or permanent immigrants. Agriculture provides many low paying jobs – a big proportion of which are to non Americans. Trade deals should focus on polices that help American workers. Industries that make lots of profits but very few jobs for Americans are not a root cause of the inequality.

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