Zachary Howell

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We have seen how inequality gives rise to instability, as a result of both the deregulatory policies that are enacted and the policies that are typically adopted in response to the deficiencies in aggregate demand. Neither is a necessary consequence of inequality: if our democracy worked better, it might have resisted the political demand for deregulation and might have responded to the weaknesses in aggregate demand in ways that enhanced sustainable growth rather than creating a bubble.14 There are further adverse effects of this instability: it increases risk. Firms are risk averse, which ...more
The Price of Inequality: How Today's Divided Society Endangers Our Future
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