Upside of Inequality Endnotes
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The American Middle Class, Income Inequality, and the Strength of Our Economy New Evidence in Economics
The American Middle Class, Income Inequality, and the Strength of Our Economy New Evidence in Economics Heather Boushey and Adam S. Hersh May 2012 WWW.AMERICANPROGRESS.ORG The American Middle Class, Income Inequality, and the Strength of Our Economy New Evidence in Economics Heather Boushey and Adam S. Hersh May 2012 Contents 1 Introduction and summary 9 The relationship between a strong middle class, the development of human capital, a well-educated citizenry, and economic growth 23 A strong middle class provides a strong and stable source of demand 33 The middle class incubates entrepreneurs 39 A strong middle class supports inclusive political and economic institutions, which underpin growth 44 Conclusion 46 About the authors 47 Acknowledgements 48 Endnotes Introduction and summary To say that the middle class is important to our economy may seem noncontro- versial to most Americans. After all, most of us self-identify as middle class, and members of the middle class observe every day how their work contributes to the economy, hear weekly how their spending is a leading indicator for economic prognosticators, and see every month how jobs numbers, which primarily reflect middle-class jobs, are taken as the key measure of how the economy is faring. And as growing income inequality has risen in the nation’s consciousness, the plight of the middle class has become a common topic in the press and policy circles. For most economists, however, the concepts of “middle class” or even inequal- ity have not had a prominent place in our thinking about how an economy grows. This, however, is beginning to change. -
Valuing Intellectual Capital, Multinationals and Taxhavens Springer Verlag 2013
Collected References, available on-line as <i.Stanford.edu/VIC/allVICcitations.pdf> 27-Oct-13 References for: Gio Wiederhold: Valuing Intellectual Capital, Multinationals and Taxhavens Springer Verlag 2013 VIC Citations This list includes all the references cited, as well as others that I have persused. For general information, I chose a recent publication for citation, trusting that it will be easier to locate and cite earlier work. As is common in tax matters, opinions abound. Refereed material is italicized. Entries cited and listed in the Reference section of Valuing Intelectual Capital have [bold identifiers]; entries considered, but not cited are marked ‡. Entries marked † were used for [W:06] . Transcription into the spreadsheet for VIC are marked [xls/worksheet]. Shaded text is to be omitted in publication, but helpful for search or as an aide de memoire. I am dding {chapter.section} references AAAAAAA [Aaron:13B] Henry J. Aaron: Tax Reform? Between a Rock and a Hard Place; Huffington Post, Brookings, 15 Jan. 2013. The 1986 reforms shifted $1T (adjusted) from individuals to Corportations over 10 years. Mobility of capital and the proliferation of multinatinal companies prevents such a solution now. Must raise personal income tax.{VIC Ch10.7.4} [Aaron:13G] Henry J. Aaron: You Get What You Pay For: Lessons From the IRS Scandal; Brookings, 31 May 2013. Only 1% of returns is audited. $450B is uncollected. Each dollar spent auditing yields $8. {VIC Ch8,7.3} [AbahoonieA:10]‡ Edward Abahoonie and Liah Alfonso: Deferred taxes on foreign earnings: A road map; Price Waterhouse Coopers (PwC), Dec.2010, updated 2012 www.pwc/us/tax. -
The Us Labor Market Questions and Challenges for Public Policy
THE US LABOR MARKET QUESTIONS AND CHALLENGES FOR PUBLIC POLICY Dean Baker Martin Feldstein Bhash Mazumder George J. Borjas Jason Furman Robert A. Moffitt Richard V. Burkhauser & Betsey Stevenson Casey B. Mulligan & Mary C. Daly Harry J. Holzer Pia M. Orrenius Peter Cappelli Glenn Hubbard & Madeline Zavodny Miles Corak Melissa S. Kearney Timothy M. Smeeding Tyler Cowen Robert Z. Lawrence Justin Wolfers Edited by Michael R. Strain AMERICAN ENTERPRISE INSTITUTE THE US LABOR MARKET QUESTIONS AND CHALLENGES FOR PUBLIC POLICY Dean Baker Martin Feldstein Bhash Mazumder George J. Borjas Jason Furman Robert A. Moffitt & Betsey Stevenson Richard V. Burkhauser Casey B. Mulligan & Mary C. Daly Harry J. Holzer Pia M. Orrenius Peter Cappelli Glenn Hubbard & Madeline Zavodny Miles Corak Melissa S. Kearney Timothy M. Smeeding Tyler Cowen Robert Z. Lawrence Justin Wolfers Edited by Michael R. Strain AMERICAN ENTERPRISE INSTITUTE ISBN-13: 978-0-8447-5007-1 (hardback) ISBN-10: 0-8447-5007-7 (hardback) ISBN-13: 978-0-8447-5008-8 (paperback) ISBN-10: 0-8447-5008-5 (paperback) ISBN-13: 978-0-8447-5009-5 (ebook) ISBN-10: 0-8447-5009-3 (ebook) © 2016 by the American Enterprise Institute. All rights reserved. No part of this publication may be used or reproduced in any man- ner whatsoever without permission in writing from the American Enterprise Institute except in the case of brief quotations embodied in news articles, critical articles, or reviews. The views expressed in the publications of the American Enterprise Institute are those of the authors and do not necessarily reflect the views of the staff, advisory panels, officers, or trustees of AEI. -
A Political Science Manifesto for the Age of Populism
“Every engaged citizen, every political activist living in our times, which are bad times, needs to read this book.” Michael Walzer A POLITICAL SCIENCE MANIFESTO FOR THE AGE OF POPULISM Downloaded fromDAVID https://www.cambridge.org/core. IP address: M. 170.106.34.90 , on RICCI03 Oct 2021 at 04:40:29, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://www.cambridge.org/core/product/8FA8474DA61700F0A5BB4EB1A9A8D84F ii Downloaded from https://www.cambridge.org/core. IP address: 170.106.34.90, on 03 Oct 2021 at 04:40:29, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://www.cambridge.org/core/product/8FA8474DA61700F0A5BB4EB1A9A8D84F i A POLITICAL SCIENCE MANIFESTO FOR THE AGE OF POPULISM Populism and authoritarian-populist parties have surged throughout the world in the twenty- fi rst century. In the United States, it’s diffi - cult to pinpoint the cause, yet Donald Trump appears to have become the poster president. David Ricci, in this call to arms, thinks Trump is symptomatic of a myriad of changes that have caused a crisis among Americans – namely, mass economic and creative destruction: automation, outsourcing, deindustrialization, globalization, priva- tization, fi nancialization, digitalization, and the rise of temporary jobs – all breeding resentment, which then breeds populism. Rather than dwelling on symptoms, Ricci focuses on the root of our nation’s problems. Thus, creative destruction, aiming at perpetual economic growth, encouraged by neoliberalism, creates the economic inequality that fuels resentment and leads to increased populism, putting democracy at risk. -
Allied Social Science Associations Program
Allied Social Science Associations Program Philadelphia, PA January 3–5, 2014 Contract negotiations, management and meeting arrangements for ASSA meetings are conducted by the American Economic Association. Participants should be aware that the media has open access to all sessions and events at the meetings. i ASSA2014.indb 1 11/15/13 12:29 PM Thanks to the 2014 American Economic Association Program Committee Members William Nordhaus, Chair Joseph Altonji Alan Auerbach Abhijit Banerjee Nick Bloom Raquel Fernandez Amy Finkelstein Matthew Gentzkow Gita Gopinath Pete Klenow Jonathan Levin Ellen McGrattan Marc Melitz Paul Milgrom Monika Piazzesi Matthew Shapiro Catherine Wolfram Michael Woodford Cover Art—“Philadelphia in Early Fall” by Kevin Cahill. Kevin is a research economist with the Sloan Center on Aging and Work at Boston College and a managing editor at ECONorthwest in Boise, ID. Kevin invites you to visit his personal website at www.kcahillstudios.com. ii ASSA2014.indb 2 11/15/13 12:29 PM Contents General Information............................... iv ASSA Hotels ................................... viii Listing of Advertisers and Exhibitors ............... xxiii ASSA Executive Officers..........................xxv Summary of Sessions by Organization ............. xxviii Daily Program of Events ............................1 Program of Sessions Thursday, January 2 .........................29 Friday, January 3 ...........................30 Saturday, January 4 ........................136 Sunday, January 5 .........................254 -
And What to Do About It in America
POVERTY AND WHAT TO DO ABOUT IT IN AMERICA A COMPILATION OF WORK FROM SCHOLARS AT THE AMERICAN ENTERPRISE INSTITUTE Poverty in America— and What to Do about It American Enterprise Institute Contents I THE BIG PICTURE: A CONSERVatiVE SOCIAL JUSTICE AGENDA 1 “Be Open-Handed toward Your Brothers” 2 Arthur C. Brooks II THE FOCUS: POVERTY, NOT INEQUALITY 19 Poverty, Not Income Inequality, Is the Challenge We Must Address 20 Aparna Mathur III ANTIPOVERTY POLICY: HAND-UP SOLUTIONS FOR POOR AMERICANS 25 Earned Income Tax Credit Does a Better Job of Lifting Workers from Poverty 26 Michael R. Strain Here’s Why Conservatives Should Worry More about Long-Term Unemployment 29 Michael R. Strain The Path to Responsibility Can Start with a Broom and a Paycheck 38 Robert Doar iii 10 Welfare-Reform Lessons 41 Robert Doar IV FAMILY AND POVERTY: WHat’S HAPPENING AND WHat TO DO ABOUT IT 49 Family Matters: What’s the Most Important Factor Blocking Social Mobility? Single Parents, Suggests a New Study 50 W. Bradford Wilcox Can Anything Really Be Done about Family Breakdown and American Poverty? A Q&A with Brad Wilcox 56 W. Bradford Wilcox and James Pethokoukis V OPINION AND ACTION: WHat AMERICANS ARE SAYING AND POLITICIANS ARE DOING 69 Polling Report: Economic Insecurity in the United States 70 Karlyn Bowman, Andrew Rugg, and Jennifer K. Marsico Fight Poverty the Conservative Way 78 Ramesh Ponnuru I The Big Picture: A Conservative Social Justice Agenda “Conservative leaders owe it to their followers and the vulnerable to articulate a positive social justice agenda for the right. -
Overstating the Costs of Inequality Scott Winship National Affairs, Issue 15, Spring 2013
Overstating the Costs of Inequality Scott Winship National Affairs, Issue 15, Spring 2013 In recent years, inequality has become the core economic concern of the American left. The gap between the haves and have-nots is understood to be the fatal flaw of our economic system — a fundamental problem that is the source of countless other difficulties. To hear many liberals tell it, increasing inequality is holding back growth, crushing the prospects of the poor and middle class, and even undermining American democracy. Such concerns are prominent in President Obama's rhetoric, and seem also to drive key parts of his policy agenda — especially the relentless pursuit of higher taxes on the wealthy. As the president put it in his second inaugural address in January, he believes "that our country cannot succeed when a shrinking few do very well and a growing many barely make it." The idea that our economy is held back by inequality is echoed in the claims of some of the nation's most prominent economists. Princeton professor (and Nobel laureate) Paul Krugman and David Card of the University of California, Berkeley, contend that inequality hurts economic mobility.1 Princeton's Alan Krueger (now chairman of the White House Council of Economic Advisers) and Columbia's Joseph Stiglitz (another Nobelist) think it dampens economic growth.2 Along with Raghuram Rajan, former chief economist of the International Monetary Fund, Stiglitz also argues that inequality was behind the financial crisis.3 Cornell economist Robert Frank and former labor secretary Robert Reich are convinced that it fuels the indebtedness of the middle class.4 The Massachusetts Institute of Technology's Daron Acemoglu believes that inequality enables economic elites to capture the machinery of government and thus ultimately produces national decline.5 But while the credentials of these advocates may be impressive, their arguments are not. -
Middle out Vs. Trickle Down
chapter one Middle Out vs. Trickle Down On April 30, 2012, Edward Conard, a former director for the finan- cial management company Bain Capital and multimillionaire who retired at age fifty-one, sat across from Jon Stewart, host of The Daily Show, to promote his new book. Conard smiled and stared intently through his black-rimmed glasses as Jon Stewart, the liberal host of the comedy show, held up his book and described its contents. Conard’s book argued that America’s econ- omy would be stronger if people like Conard were even richer and the country had even higher levels of economic inequality. Stewart was puzzled by Conard’s argument and joked that it didn’t seem right because inequality in the United States was approaching the level in countries with “kidnapping-based econo- mies,” generating laughter in the audience.1 Then Stewart shifted to an opening that would give Conard a chance to explain himself. “My question to you about the premise of the book,” Stewart stated, pausing for effect before setting up his punch line, “is huh?” Conard laughed along with the audience, and then launched into his argument that great rewards for the “most talented” 1 Madland - 9780520281646.indd 1 23/01/15 6:23 PM 2 / Middle Out vs. Trickle Down people were the secret to America’s success. Making the rich richer is good for everyone, he claimed because high levels of inequality provide strong incentives for risk taking and innova- tion that are essential for economic growth. Though Conard’s comments were provocative—indeed his book tour generated significant press, including a multipage fea- ture in the New York Times Magazine—he was merely stating the barely hidden premise underlying supply-side economics.2 Sup- ply-side economics, the misguided theory that has controlled economic policymaking for the past three decades, is built on the idea that inequality is good.