A brand new volume of essays on income inequality was recently published by the Manhattan Institute and is available for free online. Economist Diana Furchtgott-Roth introduces the volume with the following:
Claims of ever-increasing shares of wealth going to top earners are a perennial complaint. This year, partly due to the publication of Thomas Piketty’s Capital in the Twenty-First Century, discussions of inequality are preoccupying policymakers and political pundits.
Today Economics21.org is releasing Income Inequality in America: Fact and Fiction, a series of essays from leading experts on different aspects of measuring inequality. For Winston Churchill, inequality was an unavoidable part of economic life in capitalist societies. “The main vice of capitalism,” said the British Prime Minister, whose youngest daughter, Lady Mary Soames, died last weekend at the age of 91, “is the uneven distribution of prosperity. The main vice of socialism is the even distribution of misery.”
In conclusion, she states, “Empirical analysis shows that many commonly accepted ideas about income inequality are false or overstated. If policy recommendations are to be effective, they must be informed by an accurate picture of the current situation. Income Inequality in America: Fact and Fiction offers the empirical tools for such an analysis.”
Check it out.