I found a review of economists' recent contributions to the debate on inequality. The title of this post is at the end of the review article, and I though it reflects very well what many (or just some?) of us would like to see. I would like to select these few pieces, but please read the whole thing: "In the usual economic model, markets are mostly efficient. Power is not relevant, because competition will generally thwart attempts to place a thumb on the market scale. Thus if the society is becoming more unequal it must be (a favorite verb form) because skills are receiving greater rewards, and the less-skilled are necessarily left behind; or because technology is appropriately displacing workers; or because in a global market, lower-wage nations can out-compete Americans; or because deregulation makes markets more efficient, with greater rewards to winners; or because new financial instruments add such efficiency to the economy that they justify billion-dollar paydays for their inventors.
What happened to Europe’s left?
11 hours ago