Have Economists Contributed to Inequality? – Slashdot
A new book by Nobel prize-winning economist Angus Deaton”feels like an existential crisis,” writes Fast Company, “as he questions his own legacy — and wonders whether policies prescribed by economists over the years have unintentionally contributed to inequality” in America. Angus Deaton: People who have a four-year college degree are doing pretty well. But if you go to the people who don’t have a college degree, horrible things are happening to them… The opportunities are getting bigger and bigger, but the safety net’s falling further and further away. . . I think of it as much broader than income inequality: People without a BA are like an underclass. They’re dispensable…
Fast Company: Why has Europe been able to avoid so many of these rises in inequality and “deaths of despair” and the U.S. hasn’t?
Deaton: Anne [Case, my wife] and I wrestled with that in our book Deaths of Despair. One reason is that we don’t have any safety net here… The other story is we’ve got this…
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