26 June 2012

Stiglitz on Equality

I recommend reading Stiglitz in today's FT:
Textbooks teach us that we can have a more egalitarian society only if we give up growth or efficiency. However, closer analysis shows that we are paying a high price for inequality: it contributes to social, economic and political instability, and to lower growth. Western countries with the healthiest economies (for example those in Scandinavia) are also the countries with the highest degree of equality.
He goes on:
There is growing evidence looking across countries over time that suggests a link between equality, growth and stability.
The manifesto of this blog says that equality is a cornerstone of economic stability. That argument is gaining ground, with more, and more prominent, economists taking up the theme.

Watch this space.

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