Macroeconomic Inequality from Reagan to Trump
Market Power, Wage Repression, Asset Price Inflation, and Industrial Decline
Seiten
2020
Cambridge University Press (Verlag)
978-1-108-49463-2 (ISBN)
Cambridge University Press (Verlag)
978-1-108-49463-2 (ISBN)
Rising US income and wealth inequality results from repression of real wage growth and production realignments benefitting the top one percent of households. Middle class wage-earning households have been hurt. Wage repression has led to slow inflation and low interest rates that sparked capital gains for the top one percent.
For five decades, rising US income and wealth inequality has been driven by wage repression and production realignments benefitting the top one percent of households. In this inaugural book for Cambridge Studies in New Economic Thinking, Professor Lance Taylor takes an innovative approach to measuring inequality, providing the first and only full integration of distributional and macro level data for the US. While work by Thomas Piketty and colleagues pursues integration from the income side, Professor Taylor uses data of distributions by size of income and wealth combined with the cost and demand sides, flows of funds, and full balance sheet accounting of real capital and financial claims. This blends measures of inequality with national income and product accounts to show the relationship between productivity and wages at the industry sector level. Taylor assesses the scope and nature of various interventions to reduce income and wealth inequalities using his simulation model, disentangling wage growth and productivity while challenging mainstream models.
For five decades, rising US income and wealth inequality has been driven by wage repression and production realignments benefitting the top one percent of households. In this inaugural book for Cambridge Studies in New Economic Thinking, Professor Lance Taylor takes an innovative approach to measuring inequality, providing the first and only full integration of distributional and macro level data for the US. While work by Thomas Piketty and colleagues pursues integration from the income side, Professor Taylor uses data of distributions by size of income and wealth combined with the cost and demand sides, flows of funds, and full balance sheet accounting of real capital and financial claims. This blends measures of inequality with national income and product accounts to show the relationship between productivity and wages at the industry sector level. Taylor assesses the scope and nature of various interventions to reduce income and wealth inequalities using his simulation model, disentangling wage growth and productivity while challenging mainstream models.
Lance Taylor is the Arnhold Professor Emeritus of International Cooperation and Development and was Director of the Center for Economic Policy Analysis at the New School for Social Research, New York.
Introduction; 1. Decades of income inequality; 2. Macroeconomic income distribution; 3. 'Capital', capital gains, capitalization, and wealth; 4. Sectoral stagnation, flat productivity, and lagging real wages; 5. Institutions and models for maldistribution; 6. Possible future prospects; References.
| Erscheinungsdatum | 13.08.2020 |
|---|---|
| Reihe/Serie | Studies in New Economic Thinking |
| Co-Autor | Özlem Ömer |
| Zusatzinfo | Worked examples or Exercises |
| Verlagsort | Cambridge |
| Sprache | englisch |
| Maße | 215 x 240 mm |
| Gewicht | 400 g |
| Themenwelt | Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie |
| ISBN-10 | 1-108-49463-3 / 1108494633 |
| ISBN-13 | 978-1-108-49463-2 / 9781108494632 |
| Zustand | Neuware |
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