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Full Description
This thoroughly revised second edition explores the growing sense of economic dissatisfaction, political polarization and social conflict across the world and the role that economic inequality is playing in this great dismantling. It incorporates research on how these imbalances affect societal systems in ways that not only contribute to less equitable outcomes, but also decrease economic growth and increase geopolitical unrest.
Todd A. Knoop examines how capitalism's ability to sustain economic growth is its essential superpower, while its inability to share greater access to this achievement is its downfall. The book includes new chapters on the impact of COVID-19 on economic inequality, the unique economics of artificial intelligence and new data on how economic inequality is changing across countries. Knoop presents a fresh look at a wide range of policy options that governments can use to reduce economic disparities and looks ahead to future trends in inequality, recognizing that inequality is not inevitable and that ultimately it is a political choice.
Understanding Economic Inequality is a crucial resource for scholars and students of political economy, economics and finance, sociology, and politics. It is also a beneficial read for policymakers and practitioners in dealing with the preeminent challenge of our time.
Contents
Contents
Preface vi
Introduction to Understanding Economic Inequality xi
1 How unequal are we? Six major facts 1
2 Why might inequality be necessary? Incentives, freedom, and
efficiency 25
3 Why does unequal matter? The economic externalities of
inequality 47
4 Why has domestic inequality risen, and fallen, and risen? 95
5 Within, between, and across: why is "where" so important in
understanding global inequality? 132
6 How did the COVID-19 "inequality virus" impact inequality?
Pandemics and policy 171
7 Is inequality a problem we can solve? 190
8 Is AI also short for accelerating inequality? 233
9 What is the future of economic inequality? 255
Appendix: How do we measure unequal? The who, where, what,
when, and how of inequality 269
Bibliography 288
