Apr 18, 2024

How to fight toxic inequality

Econ4’s Jim Boyce interviewed on Truthout:

In the upper tier of the economic spectrum, wealth generates income, and income in turn generates more wealth. The rich make money even when they sleep. Their economic advantages are compounded by their political influence over the government. At the opposite end of the economic spectrum, the poor make money only when they work. Even then, they often don’t make much. Unless some kind of countervailing force is present, inequality tends to widen over time — an accumulation of advantages and disadvantages.

If the economy were a self-contained perpetual-motion machine, economics would be a dismal science indeed. But it is not…

Read more here.