This book is an in-depth discussion of rising inequalities in the western world. It explores the extent to which rising inequalities are the mechanical consequence of changes in economic fundamentals (such as changes in technological or demographic parameters), and to what extent they are the contingent consequences of country-specific and time-specific changes in institutions. Both the 'fundamentalist' view and the 'institutionalist' view have some relevance. For instance, the decline of traditional manufacturing employment since the 1970s has been associated in every developed country with a rise of labor-market inequality (the inequality of labor earnings within the working-age population has gone up in all countries), which lends support to the fundamentalist view. But, on the other hand, everybody agrees that institutional differences (minimum wage, collective bargaining, tax and transfer policy, etc.) between Continental European countries and Anglo-Saxon countries explain why disposable income inequality trajectories have been so different in those two groups of countries during the 1980s-90s, which lends support to the institutionalist view. The chapters in this volume show the strength of both views. Through empirical evidence and new theoretical insights the contributors argue that institutions always play a crucial role in shaping inequalities, and sometimes preventing them, but that inequalities across age, sex, and skills often recur. From Sweden to Spain and Portugal, from Italy to Japan and the USA, the volume explores the diversity of the interplay between market forces and institutions.

Thomas Piketty—whose Capital in the Twenty-First Century pushed inequality to the forefront of public debate—wrote The Economics of Inequality as an introduction to the conceptual and factual background necessary for interpreting changes in economic inequality over time. This concise text has established itself as an indispensable guide for students and general readers in France, where it has been regularly updated and revised. Translated by Arthur Goldhammer, The Economics of Inequality now appears in English for the first time. Piketty begins by explaining how inequality evolves and how economists measure it. In subsequent chapters, he explores variances in income and ownership of capital and the variety of policies used to reduce these gaps. Along the way, with characteristic clarity and precision, he introduces key ideas about the relationship between labor and capital, the effects of different systems of taxation, the distinction between “historical” and “political” time, the impact of education and technological change, the nature of capital markets, the role of unions, and apparent tensions between the pursuit of efficiency and the pursuit of fairness. Succinct, accessible, and authoritative, this is the ideal place to start for those who want to understand the fundamental issues at the heart of one of the most pressing concerns in contemporary economics and politics.

What is global inequality? How can it be measured? What are the major trends? Addressing these questions, this book examines the major issues that need to be confronted in conceptualising, measuring and analysing patterns of global inequality. It explores the implications of these patterns for politics and public policy.

"The COVID-19 pandemic exposed the economic inequalities pervading every aspect of society - and then multiplied them to a staggering degree. In Inequality, Class, and Economics, Eric Schutz illuminates the pillars undergirding the monstrous polarities which define our times revealing them as the structures of power that constitute the foundations of the class system of today's capitalism. Employers' power is the linchpin of that system, but the power of professionals in all fields, the power exerted by some businesses over others, political power, and the power of cultural institutions - especially mass media and education - are also critical for the class system today. Each of these social power structures is examined closely and shown both to sustain, and to be sustained by, economic inequality. Employing both traditional and novel approaches to public policy, Inequality, Class, and Economics denounces economists' studied avoidance of the problem of class as a system of inequality based in unequal opportunity, and exhorts us to tackle the heart of the problem at long last."--Back cover.

This book is about the causes and consequences of economic inequality in the advanced market economies of today. It is common that in market systems people choose their own individual economic destinies, but of course the choices people make are importantly determined by the alternatives available to them: unequal opportunity is the critical determinant of economic disparities. This begs the question; from where do the vast inequalities of opportunity arise? This book theorizes that power and social class are the real crux of economic inequality. Most of mainstream economics studiously eschews questions involving social power, preferring to focus instead on "individual choice subject to constraint" in contexts of "well-functioning markets". Yet both "extra-market" power structures and power structures arising from within the market system itself are unavoidably characteristic of real-world market-based economies. The normal working of labor and financial markets engenders an inherent wealth-favoring bias in the distribution of opportunities for occupational choice. But that bias is greatly compounded by the economic, social, political and cultural power structures that constitute the class system. For those power structures work to distribute economic benefit to class elites, and are in turn undergirded by the disparities of wealth they thus help engender. Inequality and Power offers an economic analysis of the power structures constituting that class system: employers’ power over employees; the power of certain businesses over others; professionals’ power over their clients and other employees; cultural power in the media and education systems; and political power in "democratic" government. Schutz argues that a "class analysis" of the trend of increasing economic inequality today is superior to the mainstream economic analysis of that trend. After considering what is wrong with power-based inequality in term of criteria of distributive justice and economic functionality, the book concludes with an outline of various possible correctives. This book should be of interest to students and researchers in economics, sociology, political science and philosophy, as well as anyone interested in the theories of social class.

If there was any question before, there is no longer a question today: inequality, discrimination, poverty, and mobility are prominent national issues. The notion of "The American Dream" has been sold to generations of young Americans as the idea that working hard and following your dreams will allow you to break through any barriers in your path and inevitably lead to success. However, recent findings on inequality, discrimination, poverty, and mobility show that "The American Reality" is very different. The second edition of this introductory-level text brings together the essential materials on what economists have to say about these findings and brings students up to date with current thinking. It covers several ground-shattering events, such as: the election of Barack Obama followed by Donald Trump; the passage of the Affordable Care Act and attempts to repeal it; and the publication of Thomas Piketty’s Capital in the 21st Century, among many others. With an emphasis on data, theory, and policy, this book tackles these issues by exploring three key questions in each chapter: What do the data tell us about what has been happening to the American economy? What are the economic theories needed to understand what has been happening? What are the policy ideas and controversies associated with these economic problems? Key controversies are highlighted in each chapter to drive classroom discussion, and end-of-chapter questions develop student understanding. This clearly written text is ideally suited to a wide variety of courses on contemporary economic conditions, inequality, and social economics in the United States.

Synopsis: Thoroughly classroom tested, this introductory text provides a balanced, up-to-date, non-mathematical examination of the economic theory underlying the analysis of inequality, poverty, mobility, and income distribution in the United States.

If there was any question before, there is no longer a question today: inequality, discrimination, poverty, and mobility are prominent national issues. The notion of "The American Dream" has been sold to generations of young Americans as the idea that working hard and following your dreams will allow you to break through any barriers in your path and inevitably lead to success. However, recent findings on inequality, discrimination, poverty, and mobility show that "The American Reality" is very different. The third edition of this introductory-level text has been completely revised to bring students up to date with current economic thinking on these issues. With an emphasis on data, theory, and policy, this book tackles each issue by exploring three key questions in each chapter: What does the data tell us about what has been happening to the American economy? What are the economic theories needed to understand what has been happening? What are the policy ideas and controversies associated with these economic problems? Key controversies are highlighted in each chapter to drive classroom discussion, and end-of-chapter questions develop student understanding. The book will also be accompanied by digital supplements in the form of PowerPoint slides for each chapter. This clearly written text is ideally suited to a wide variety of courses on contemporary economic conditions, inequality, and social economics in the United States.

There are fewer people living in extreme poverty in the world today than 30 years ago. While that is an achievement, continuing progress for poor people is far from assured. Inequalities in access to key resources threaten to stall growth and poverty reduction in many places. The world's poorest have made only a small absolute gain over those 30 years. Progress has been slow against relative poverty as judged by the standards of the country and time one lives in, and a great many people in the world's emerging middle class remain vulnerable to falling back into poverty. The Economics of Poverty reviews critically past and present debates on poverty, spanning both rich and poor countries. The book provides an accessible new synthesis of current economic thinking on key questions: How is poverty measured? How much poverty is there? Why does poverty exist, and is it inevitable? What can be done to reduce poverty? Can it even be eliminated? The book does not assume that readers know economics already. Those new to the subject get a lot of help along the way in understanding its concepts and methods. Economics lives through its relevance to real world problems, and here the problem of poverty is both the central focus and a vehicle for learning.

Leading scholars examine the conflicting paradigms of affluence and destitution in the United States—as well as other free societies—and discuss the influence of education, race, and status on economic mobility. While recent catastrophic events in New Orleans and Haiti may have magnified issues of social inequity, leaders have debated over poverty and discrimination for decades. Are the poor disadvantaged by the institutions of society or by the choices they make? Through two insightful volumes, the author examines differing academic and political perspectives to help shed light on the causes of poverty and inequality; the role that gender, race, age, or sexual preference plays in determining opportunity; and the effectiveness of current social and economic policies in balancing the inequity among disparate groups. The Economics of Inequality, Poverty, and Discrimination in the 21st Century consists of 2 volumes containing 32 papers divided into 5 categories: measurement, inequality and mobility, institutions and choices, demographic groups and discrimination, and policy. The papers—written by economists, sociologists, philosophers and lawyers—deal with the extent of inequality in the United States and how it compares to other countries, and the newly emerging evidence on the relationship between inequality and mobility within a society.