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The Great Divergence by Timothy Noah
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Harvard professor, Benjamin Friedman, reviews journalist Timothy Noah's book "The Great Divergences: America's Growing Inequality Crisis and What We Can Do About It." Friedman says, Karl Marx got it wrong when he predicted greater inequality based on the situation he saw in Europe and the U.S. in the late nineteenth century. Inequality actually decreased in the U.S. and Europe with industrialization, technological progress, higher educational and income levels by the early part of the twentieth century. Similiarly Simon Kuznets, Nobel Laureate, also got it wrong when he extrapolated from what he saw in the early postwar period, assuming greater equality and better opportunities in future decades. The approach Noah and Friedman advise is to look at individual factors that promote or discourage less divergence in income levels, opportunities and upward mobility. And based on this shape policy and action agenda for better outcomes. A whole range of issues fall in this range- promoting manufacturing and higher wage jobs, immigration policy, investments in education to upgrade skills, better educational opportunities, vocational training, upgrading education to keep up with new technology, and investments in research and new technologies for new industries that would create better opportunities. Because inequality is increasing worldwide, and countries are focussing on improving competitiveness as well as preserving the social fabric in a global economy, this is an issue facing all countries that seek a better future.
Robert Shiller and "winter on the family farm" as a metaphor in tough economic times instead of "tightening the family belt"
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Shiller cites the "balanced budget theorem" of Salant and the economist Paul Samuelson during the FDR period. This showed that with taxes and expenditures going up during tough economic times the higher output leads to national income increasing by the amount of the tax. French president Hollande's plan to hire 60,000 teachers is of this kind, says shiller, because the higher taxes on incomes over 1 million euros supporting the hiring would increase national income by that amount.
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Shiller evaluates the Hollande plan using the Salant-Samuelson balanced budget theorem and shows that it would increase national income by the amount of the tax on higher incomes. It would create a more productive economy with investment of the type that occurs in winter on the family farm.
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