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The upside of inequality: how good intentions undermine the middle class

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Wall Street veteran Edward Conard argues that our current obsession with income inequality is misguided and will only slow growth further. Conard tracks the implications of an economy now constrained by both its capacity for risk-taking and by a shortage of properly trained talent -- rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal economists like Larry Summers and Joseph Stiglitz and the myths of "crony capitalism." Instead, he argues that the growing wealth of most successful Americans is not to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting not just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an economy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.
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ISBN:
9781595231239
9780735206618
9780698409910
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Grouped Work IDd23656bd-bf95-3cee-3cf3-7f7e29749c3e
Grouping Titleupside of inequality how good intentions undermine the middle class
Grouping Authoredward conard
Grouping Categorybook
Grouping LanguageEnglish (eng)
Last Grouping Update2020-09-24 02:32:15AM
Last Indexed2020-09-24 02:56:14AM
Novelist Primary ISBN9781595231239

Solr Details

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display_descriptionWall Street veteran Edward Conard argues that our current obsession with income inequality is misguided and will only slow growth further. Conard tracks the implications of an economy now constrained by both its capacity for risk-taking and by a shortage of properly trained talent -- rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal economists like Larry Summers and Joseph Stiglitz and the myths of "crony capitalism." Instead, he argues that the growing wealth of most successful Americans is not to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting not just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an economy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.
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ils:.b24437992BookBooksEnglishPortfolio/Penguin, [2016]311 pages : illustrations ; 24 cm.
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subject_facetDistributive justice -- United States
Equality -- United States
Middle class -- United States -- Economic conditions
United States -- Economic conditions -- 2009-
United States -- Economic policy -- 2009-
title_displayThe upside of inequality : how good intentions undermine the middle class
title_fullThe Upside of Inequality How Good Intentions Undermine the Middle Class
The upside of inequality : how good intentions undermine the middle class / Edward Conard
title_shortThe upside of inequality
title_subhow good intentions undermine the middle class
topic_facetBusiness
Distributive justice
Economic conditions
Economic policy
Equality
Middle class
Nonfiction
Politics