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Are We Heading Back to the Victorian Age?
James K. Galbraith
in Inequality: What Everyone Needs to Know®
In his important book published in 2014, Capital in the Twenty-first Century, Thomas Piketty of the Paris School of Economics has argued that, as a matter of fundamental tendency, ...
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Categorical Inequality
James K. Galbraith
in Inequality: What Everyone Needs to Know®
There is another way to think about inequalities. And that is to classify individuals into groups to which they belong, and look at the inequalities that exist between various groups, ...
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Causes of Changing Inequality in the United States
James K. Galbraith
in Inequality: What Everyone Needs to Know®
A half-century ago, the study of economic inequality was moribund in the United States. Indeed, in 1958 John Kenneth Galbraith noted in The Affluent Society that “few things are more ...
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Causes of Changing Inequality in the World
James K. Galbraith
in Inequality: What Everyone Needs to Know®
When we move toward an analysis of inequalities in the wider world, we are required to cope with far more complex and uncertain data, and at the same time to seek simpler and more abstract ...
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A Final Digression: Does Economic Equality Lead to Victory in War?
James K. Galbraith
in Inequality: What Everyone Needs to Know®
Not every economic or political attribute is restricted to economic implications alone. And not every aspect of inequality is something everyone needs to know. Therefore we now abandon the ...
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Inequality in the History of Economic Thought
James K. Galbraith
in Inequality: What Everyone Needs to Know®
We in the United States are accustomed to the principle that “all men are created equal.” But of course that principle is not from time immemorial; it is not “self-evident” even now, and ...
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Inequality: Should We Care?
James K. Galbraith
in Inequality: What Everyone Needs to Know®
What Is Economic Inequality?
Equality—”we hold these truths to be self-evident, that all men are created equal”; “equal justice under law”; liberté, egalité, fraternité—is an ...
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Major Concepts of Distribution
James K. Galbraith
in Inequality: What Everyone Needs to Know®
As you have probably noticed, economic inequality is a term covering a great many distinct ideas and concepts and measures. Here we will introduce the major terms that have operational ...
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Measures of Inequality
James K. Galbraith
in Inequality: What Everyone Needs to Know®
In this short chapter, we take up another fairly technical topic: How can inequality be measured? We will not attempt to give a full technical treatment of this question, but will introduce ...
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Norms and Consequences
James K. Galbraith
in Inequality: What Everyone Needs to Know®
The economies of almost all nation-states have experienced significant increases in economic inequality over the past generation, so that with almost no exceptions the world’s peoples ...
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A Note on Wealth and Power
James K. Galbraith
in Inequality: What Everyone Needs to Know®
“Wealth, as Mr. Hobbes says, is power.” Adam Smith wrote that, and I’ve already quoted it. It is the beginning and end of economic comments on the subject of wealth. And power.
We ...
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Policies Against Inequalities
James K. Galbraith
in Inequality: What Everyone Needs to Know®
We shall now take it as a point of departure that actual economic inequalities in many countries, including the United States, are excessive and should be reduced. Not all readers will ...
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