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"Galbraith, James K"
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Inequality and instability : a study of the world economy just before the Great Crisis
As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the “super-bubble” that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent—not just in the U.S. but the entire world. This book demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, this book brings new data to bear, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, the book shows that more equal societies systematically enjoy lower unemployment. It shows how this plays out inside Europe, between Europe and the United States, and in modern China. It explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans—which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue.
eBook
Inequality : what everyone needs to know
\"Over the past thirty years, the issue of economic inequality has emerged from the backwaters of economics to claim center stage in the political discourse of America and beyond---a change prompted by a troubling fact: numerous measures of income inequality, especially in the United States in the last quarter of the twentieth century, have risen sharply in recent years. Even so, many people remain confused about what, exactly, politicians and media persons mean when they discuss inequality. What does \"economic inequality\" mean? How is it measured? Why should we care? Why did inequality rise in the United States? Is rising inequality an inevitable feature of capitalism? What should we do about it? Inequality: What Everyone Needs to Know takes up these questions and more in plain and clear language, bringing to life one of the great economic and political debates of our age. Inequality expert James K. Galbraith has compiled the latest economic research on inequality and explains his findings in a way that everyone can understand. He offers a comprehensive introduction to the study of economic inequality, including its philosophical and theoretical origins, the variety of concepts in wide use, empirical measures and their advantages and disadvantages, competing modern theories of the causes and effects of rising inequality in the United States and worldwide, and a range of policy measures. The topic of economic inequality is going to become only more important as we approach the 2016 presidential elections. This latest addition to the popular What Everyone Needs to Know series from Oxford University Press will tell you everything you need to know to make informed opinions on this significant issue\"-- Provided by publisher.
Book
La medicina medieval de la economía ortodoxa contra la inflación
Si se tiene en cuenta que la tasa de inflación de los Estados Unidos alcanzó su punto máximo en junio de 2022, no hay evidencia de que la política monetaria haya tenido algún efecto significativo sobre la dirección que tomaron los precios. Sin embargo, al igual que los médicos premodernos comprometidos con la antigua teoría humoral de la enfermedad, los economistas ortodoxos de hoy han demostrado que carecen de las herramientas para curar al paciente.
Journal Article
State Income Inequality and Presidential Election Turnout and Outcomes
Objective. This study examines the links among income inequality, voter turnout, and electoral choice at the state level in recent presidential elections. Methods. We introduce two new state-level ecological data sets, estimated annual Gini coefficients of income inequality from 1969 to 2004 and a measure of income segregation across Census tracts within states in 1999. We test for associations among inequality, turnout, and party preference with cross-sectional, fixed-effects, and multilevel analyses. Results. The cross-sectional effect of inequality on voter turnout and electoral choice is ambiguous. However, a fixed-effects analysis links higher income inequality to lower voter turnout and also to a stronger Democratic vote. Multilevel results indicate that higher levels of economic segregation likewise are associated with depressed turnout, after controlling for individual voter characteristics and for state-level income.
Journal Article
Entropy economics : the living basis of value and production
\"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds. Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes--an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen's theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography. Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder\"-- Provided by publisher.
BOOK
Qué es la economía? Una disciplina política para el mundo real
La economía es una disciplina política que trata los problemas de la organización social y del bien general, coevoluciona con las circunstancias y es históricamente contingente. El mundo al que se dirigen las políticas económicas es un sistema complejo, pero los economistas que buscan elaborar políticas apropiadas se guían necesariamente por simplificaciones y heurísticas. La pregunta que enfrenta la disciplina es qué tipo de simplificación se adapta mejor a la tarea. Este artículo argumenta que las generalizaciones, simplificaciones, heurísticas y principios apropiados se deben derivar del estudio del mundo real. Aunque pueden emplear herramientas matemáticas y aprovechar ideas del comportamiento de los sistemas matemáticos, estos son inadecuados, en especial cuando parten de los dogmas muertos de la corriente neoclásica: ex nihilo nihil fit.
Journal Article
John Kenneth Galbraith : the affluent society and other writings, 1952-1967 : American capitalism, The Great Crash, 1929, The affluent society, The new Industrial state
Galbraith wrote with an eloquence that burst the conventions of his discipline and won a readership none of his fellow economists could match. This volume gathers four of his key early works, the books that established him as one of the leading public intellectuals of the last century.
BOOK
Bretton Woods: ¿Nos acercamos al final del fin?
Este artículo destaca las principales tendencias históricas y políticas después del abandono del sistema monetario de Bretton Woods y cómo décadas de política económica neoliberal desmantelaron pieza por pieza la legislatura del New Deal y la cooperación internacional que durante décadas lograron limitar la desigualdad económica y las crisis financieras. También propone que el neoliberalismo global nunca pudo conquistar completamente el mundo, y cómo el ascenso de China puede presentar hoy un desafío a la hegemonía global del dólar.
Journal Article