Nobel prize-winning author and economist Joseph E. E. Stiglitz argues in his new book The Price of Inequality, economies suffer when societies lack opportunity for upward mobility, education and health care. He also cites evidence that the United States has less opportunity today than most other industrialized countries.
Capitalists and conservatives argue against entitlements, which I usually agree, since this results in a shift of services and power to government. Many fear this as a slide to socialism. On the other hand Stiglitz says most of the financial growth has not been to those in the middle or poverty, whose incomes and net worth have either decreased or stagnated over the last 15 years, but the very wealthy continue to grow.
Trickle down economics seems to have had mediocre results, so arguments of trickle up economics whereby we increase opportunity to upward mobility to raise financial markets for all, may enter the national discussion as countries continue wallow in stagnating economies.
I’m not sure I agree with the conclusions reached in this book, but this provides some interesting reading.
