What Is The Truth About The Great Recession And Increasing Inequality
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What Is The Truth About The Great Recession And Increasing Inequality
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Author : Mario Morroni
language : en
Publisher: Springer
Release Date : 2018-09-15
What Is The Truth About The Great Recession And Increasing Inequality written by Mario Morroni and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-15 with Business & Economics categories.
Have you ever puzzled over the causes of the 2007–8 financial crisis and wondered how it will affect all our futures? If so, this book is for you. Using imagined dialogue between three economists with contrasting theoretical perspectives and a student who knows little about economics, different interpretations are compared in straightforward, jargon-free language. The book explores both the consequences of neoliberal economic policies based on the belief in efficient, self-regulating markets and the implications of alternative economic visions formulated in response to the Great Recession. In all, nine dialogues are presented, each of which focuses on a key theme: increasing inequality, the failure of economists to predict the crash, the reasons for fiscal austerity, the rolling back of the welfare state, the roles of the state and the market, the repercussions of the German trade surplus and the Eurozone crisis, policies to confront the crisis, environmental degradation, and the need for an industrial policy appropriate to the present day. The book will be ideal for both general readers and those embarking on the study of economics.
The Great Recession And The Distribution Of Household Income
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Author : Stephen P. Jenkins
language : en
Publisher: OUP Oxford
Release Date : 2012-12-20
The Great Recession And The Distribution Of Household Income written by Stephen P. Jenkins and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-20 with Business & Economics categories.
The so-called Great Recession that followed the global financial crisis at the end of 2007 was the largest economic downturn since the 1930s for most rich countries. To what extent were household incomes affected by this event, and how did the effects differ across countries? This is the first cross-national study of the impact of the Great Recession on the distribution of household incomes. Looking at real income levels, poverty rates, and income inequality, it focusses on the period 2007-9, but also considers longer-term impacts. Three vital contributions are made. First, the book reviews lessons from the past about the relationships between macroeconomic change and the household income distribution. Second, it considers the experience of 21 rich OECD member countries drawing on a mixture of national accounts, and labour force and household survey data. Third, the book presents case-study evidence for six countries: Germany, Ireland, Italy, Sweden, the UK, and the USA. The book shows that, between 2007 and 2009, government support through the tax and benefit system provided a cushion against the downturn, and household income distributions did not change much. But, after 2009, there is likely to be much greater change in incomes as a result of the fiscal consolidation measures that are being put into place to address the structural deficits accompanying the recession. The book's main policy lesson is that stabilisation of the household income distribution in the face of macroeconomic turbulence is an achievable policy goal, at least in the short-term.
The Great Recession
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Author : David B. Grusky
language : en
Publisher: Russell Sage Foundation
Release Date : 2011-10-01
The Great Recession written by David B. Grusky and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-01 with Business & Economics categories.
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Eu Wide Income Inequality In The Era Of The Great Recession
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Author : Péter Benczúr
language : en
Publisher:
Release Date : 2017
Eu Wide Income Inequality In The Era Of The Great Recession written by Péter Benczúr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper uses European micro-data to look at stylised facts of EU-wide income inequality during the 2006-2013 period. Our contribution is to bring together four elements of the analysis that has appeared only in separation so far. Our analysis is EU-wide, but regionally detailed, looks at the longest possible term with harmonized survey data, uses inequality indicators sensitive to different parts of the income distribution and shows the contribution of different income components to income inequality. To our knowledge, this is the first attempt to produce stylised facts with these features at the same time, which, we believe is important in order to ask and answer questions related to the welfare of the people of the EU as a whole. We also take great care of rendering our work as homogeneous and transparent as possible. Because of this, we believe that the evidence we provide can be a starting point to a line of research on EU-wide income inequality.
Income Inequality
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Author : Matthew P. Drennan
language : en
Publisher: Yale University Press
Release Date : 2015-11-24
Income Inequality written by Matthew P. Drennan and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-24 with Political Science categories.
Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan’s evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality.
Wage Led Growth
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Author : Engelbert Stockhammer
language : en
Publisher: Springer
Release Date : 2013-12-03
Wage Led Growth written by Engelbert Stockhammer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-03 with Business & Economics categories.
This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.
Inequality Leverage And Crises
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Author : Mr.Michael Kumhof
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
Inequality Leverage And Crises written by Mr.Michael Kumhof and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
How The Financial Crisis And Great Recession Affected Higher Education
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Author : Jeffrey R. Brown
language : en
Publisher: University of Chicago Press
Release Date : 2015-01-08
How The Financial Crisis And Great Recession Affected Higher Education written by Jeffrey R. Brown and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-08 with Business & Economics categories.
The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
Inequality Boom And Bust
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Author : Howard J. Sherman
language : en
Publisher: Routledge
Release Date : 2018-02-19
Inequality Boom And Bust written by Howard J. Sherman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-19 with Business & Economics categories.
There is enormous inequality between the income and wealth of the richest 1 percent and all other Americans. While the top 1 percent own 42 percent of all wealth in America, the lower half on the income ladder has only 2 percent of all of the wealth. This book develops a viewpoint contrary to the prevailing conservative paradigm, setting out both reasons for this inequality and the impact of this. To explain inequality, conservative economists focus on individual characteristics such as intelligence and hard work. This book puts forward new evidence to show that changes in economic inequality are primarily due to characteristics inherent in the standard operation of capitalist institutions. Furthermore, the authors seek to explain the cycle of boom and bust by considering political and social factors often overlooked by conservative economists. This book also explores how wealth influences political policies in a way that increases economic inequality even more than its present level. Through analysis of American political and economic institutions, Inequality, Boom, and Bust presents concrete steps for an activist, progressive policy to greatly reduce inequality through free healthcare, free higher education, and reduced unemployment.
Inequality Of Opportunity
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Author : Juan Gabriel Rodríguez
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-10-12
Inequality Of Opportunity written by Juan Gabriel Rodríguez and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-12 with Business & Economics categories.
Eight papers, both theoretical and applied, on the concept of equality of opportunity which says that a society should guarantee its members equal access to advantage regardless of their circumstances, while holding them responsible for turning that access into actual advantage by the application of effort.
