The poor have been getting poorer, the richer richer; and its been going on since the mid 70s. During that period, real growth has slowly dropped, the two have been connected and economists are taking their positions. Its a real problem, the connection between inequality and growth is real. The logic is compelling. Growth is a rise in incomes. Total growth is to be had by summing up the income distribution. But growth is also obtained by summing up the yield curve. Those curves gotta match. So when Ben slams the short end of the curve to zero, he is reducing incomes. When Ben is pushing the curve to the right, he is making the rich richer. And the data seems to agree. This problem, naturally, is closely associated with our skew between the need of the little Hoovers and the big Four. DC can no longer push large programs through value added government and the chain operates on the edge of collapse. Most of us know it, we are all just in various stages of denial. Lot more to come, stay tuned...
Sunday, December 29, 2013
Desigualdad, el tema de nuestro tiempo
The poor have been getting poorer, the richer richer; and its been going on since the mid 70s. During that period, real growth has slowly dropped, the two have been connected and economists are taking their positions. Its a real problem, the connection between inequality and growth is real. The logic is compelling. Growth is a rise in incomes. Total growth is to be had by summing up the income distribution. But growth is also obtained by summing up the yield curve. Those curves gotta match. So when Ben slams the short end of the curve to zero, he is reducing incomes. When Ben is pushing the curve to the right, he is making the rich richer. And the data seems to agree. This problem, naturally, is closely associated with our skew between the need of the little Hoovers and the big Four. DC can no longer push large programs through value added government and the chain operates on the edge of collapse. Most of us know it, we are all just in various stages of denial. Lot more to come, stay tuned...
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