Inequality.org

A project of the
Institute for Policy Studies

Piketty’s Model of Inequality and Growth in Historical Context, Part 2

Many individuals helped construct neoclassical economics, often with financial support from the robber barons and their successors. I will focus on two: in the United States, John Bates Clark (1847-1938), and in Europe, Vilfredo Pareto (1848 to 1923).

The Affordable Care Act Will Raise Wages

The new Congressional Budget Office report projects that the Affordable Care Act will lead to a decline in full-time equivalent workers of 2.5 million. This is people voluntarily deciding to work less–like mothers with small children, or workers in poor health or close to retirement. That should mean higher wages for the remaining workers.

China’s Third Plenum Endorses the “Decisive” Role of the Market — Unfortunately for China

Making the market “decisive” means that the Chinese government has decided to place profits before people — and even before that previously invincible talisman, economic growth.

The Economics Anti-Textbook: A Critical Thinker’s Guide to Microeconomics

It was the perfect “natural experiment:” in April 1992, New Jersey’s minimum-wage was scheduled to rise from $4.25 an hour to $5.05, while neighboring Pennsylvania’s minimum wage remained unchanged.

‘Tis the Season to Shop Tiffany’s

Retail sales are up this holiday season in the top 1 percent plutonomy, but down in the realonomy where the other 99 percent live. And it’s not just the poor who are struggling. Even high-income, college-educated professionals have seen no income growth in over a dozen years.