Bosses would hoard these underutilized workers until good times returned. Coming off as intolerant, hateful and every bit as simple-minded as Fox News talking heads and New York Times editorial writers just dulls the message. This book was a slog, but it really is worth reading if you can handle reading about economics. The real question is when, not really if. The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz "The Price of Inequality" is one of the most compelling economic books about the excessive inequality in the United States. Stiglitz is not just a good teacher with a gift for expository prose. No fool or ignoramus, Stiglitz knows his economics, even if it is the economics of a bleeding-heart liberal, with all the blind spots that it entails. Or almost everybody, the so called 1% might enjoy to rip more benefits in material terms, but then I would say even they prefer to exist in a world where more people are well provided for. Penguin Books Limited, Jun 28, 2012 - Social Science - 592 pages. He won the Nobel Prize in economics for 2001, and he is cited by other economists more often than all but three of his colleagues worldwide, according to the Federal Reserve Bank of St. Louis, which charts such things. The author is kind of frustrating. Political Books, September 28, 2012. That doesn’t happen anymore. Solid economic analysis clouded by repetition, naivete, political bias, and a lack of enough ideas to really go more than a handful of chapters before you find yourself reading the same hate over and over and over. Great book to read in the wake of Ryan getting added to the ticket. After researching myself I realised that the US society has some poor redistribution of wealth but not as bad as what the author pretends. Buy The Price of Inequality by Stiglitz, Joseph (ISBN: 9780718197384) from Amazon's Book Store. Quick book review: The Price of Inequality. Before then, Stiglitz notes, a recession meant that labor productivity went down. Book Review: Joseph E. Stiglitz, The Price of Inequality: How Today’s Divided Society Endangers Our Future. Grow up. But you watch a nation elect Donald Trump as president in contravention to their own obvious self interest, and um, see how you feel. I also has a sense that Stiglitz endorsed Democrat, should not be a surprise he was one of Bill Clinton’s advisor in his presidential term. Independent culture newsletter The best in film, music, TV & radio straight to your inbox every week. Income inequality is not a new problem suddenly discovered in the 21st century. The author looks at inequality in America and urges the US to opt for policies that will decrease inequalities. That said, I'd love for one of my libertarian-leaning friends to give it a go to hear what they think. September 30, 2012. “Joseph E. Stiglitz's new book, The Price of Inequality, is the single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. By Joseph E. Stiglitz (W. W. Norton & Co.). How Today's Divided Society Endangers Our Future . Access a free summary of The Price of Inequality, by Joseph E. Stiglitz and 20,000 other business, leadership and nonfiction books on getAbstract. Worried about the lobster-eating welfare recipients? Indeed, whereas economists frequently see a tradeoff between income equality and economic performance, Stiglitz writes that “the magnitude of America’s inequality today and the way it is generated actually undermine growth and impair efficiency.” Rent seeking in the finance industry has drawn more and more Americans to where the money is, leading to a “misallocation of the country’s most valuable resource: its talent.”. He's like a doctor who tries to fix all the symptoms without looking at the causes first. Nitpicking and bloviation are the Scylla and Charybdis of popular writing about economics. Book Review: The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph Stiglitz By Kathleen Riley-Daniels, BLOGCRITICS.ORG Published 4:43 pm PST, Friday, November 23, 2012 Stiglitz proves this, but then does himself a disservice by showing an incredible lack of awaremness by speaking of the Arab spring as though it were motivated by economic disenfranchisement and then grouping that oh so evil Right into one homogeneous monolith devoid of reason. The Price of Inequality is tinged with pessimism, though in the last chapter, "The Way Forward", Stiglitz offers general ideas that could improve socio-economic conditions in the future. Anyway, maybe I should go back to reading novels for a while.). It does a fabulous job of explaining three interlinking themes: that inequality is cause and consequence of the failure of the political system, and contributes to the … And this is a real pity, as it seems inevitable that the policies our governments and potential governments are likely to pursue will only make matters worse. In the first few chapters all that he wrote was just making me angrier than I already was about the failures of our economy and the way things have been going. When, for instance, Mark Zuckerberg and his investors get billions apiece from an initial public offering of Facebook stock, mean incomes rise, but the median American does not necessarily feel better off. Although this is not light reading, it is meant for the lay person, and the ideas therein are certainly accessible by the non-economists among us. (Disclaimer: I didn't intend to write such an angry review. Academia.edu is a platform for academics to share research papers. The price of inequality : [how today's divided society endangers our future]. The Price of Inequality by Joseph Stiglitz – A Review Posted on July 2, 2019 July 3, 2019 Author Earl R. Smith II, PhD Comment(0) There are lots of books about rising wealth and income inequality. For decades after World War II, for instance, productivity and wages were always closely correlated, diverging only around 1980. In this best-selling book, Nobel Prize–winning economist Joseph E. Stiglitz exposes the efforts of well-heeled interests to compound their wealth in ways that have stifled true, dynamic capitalism. The Price Of Inequality is a critical and incisive examination of American society, politics, and economic policies in recent times. Instead of manufacturing things or performing useful services, rent seekers take advantage of the rules to collect payments from society at large. Top international reviews Firdaus Vogt. For those who have read Joseph Stiglitz’ previous popular works, The Price of Inequality is similar in that there is much to love and much to dislike. I really read every word of Moby-Dick and found it much funnier than expected. Income inequality in the United States, the ECONOMIST magazine recently reported, is `on a scale that matches, or even exceeds, the first Gilded Age'. I also has a sense that Stiglitz endorsed Democrat, should not be a surprise he was one of Bill Clinton’s advisor in his presidential term. I chose this book because I’d loved some books by the same publisher (Publica in Romania) related to economics and I had high hopes. One is of a society more divided between the haves and the have-nots, a country in which the rich live in gated communities, send their children to expensive schools, and have access to first-rate medical care. Stiglitz comes through again! Stiglitz's centre-left perspective is lucid, timely - and flawed. I have seen that picture in many developing countries; economists have given it a name, a dual economy, two societies living side by side, but hardly knowing each other, hardly imagining what life is like for the other. It's still so hard listening to these books, knowing just how much more unequal this country will become in the coming years (and decades, via the federal judiciary, which is sure to be savaged). Academia.edu is a platform for academics to share research papers. I'd gladly read a book of their choosing as a quid pro quo (as long as it doesn't have too many words). Everyday low prices and free delivery on eligible orders. This is what I like about Stiglitz: he knows what he knows, and he sees no reason to be modest about his former titles or accolades. 3.7 • 213 Ratings; $12.99; $12.99 ; Publisher Description. A lot of economists — perhaps most of them — believe that in an age of globalization and rapid technological change, that’s just the way the cookie crumbles. Inequality in income and opportunity involves significant economic and social costs. In the end, the book warns that this will affect the whole society, resulting in a weaker nation that is unable to make full use of its most valuable assets - people. I am looking for a Spanish - English speaker or at least someone who has the book in English, I have the book in Spanish but I need to translate a quote from the book in particular from the Chapter # 3 "Markets and Inequality" iT begins " Our hypothesis is that the souurces (?) Key Features: This book was written by a nobel laureate. Should be on everyone's reading list to understand today's times. It's still so hard listening to these books, knowing just how much more unequal this country will become in the coming years (and decades, via the federal judiciary, which is sure to be savaged). This paper critically reviews the arguments made in the book entitled The Price of Inequality: How Today’s Divided Society Endangers Our Future by Professor Joseph Stiglitz. Political Books, September 28, 2012. Sorry. Especially interesting to me was the way the wealthy have been able to present ideological ideas as though they are in the best interest of all, when in fact, they are usually only in the best interests of the top 1%. In recent recessions, labor productivity has gone up. He is an academic economist of the first rank. Joseph E. Stiglitz published The Price of Inequality: How Today’s Divided Society Endangers Our Future in 2012 to explain this income gap and offer some hope that it can be closed. W. W. Norton & Company, Apr 8, 2013 - Business & Economics - 523 pages. I grew up in cold war Greece. Books Book Review: "The Price of Inequality" How Today's Divided Society Endangers Our Future. Meanwhile, the rest live in a world marked by insecurity, at best mediocre education, and in effect rationed health care―they hope and pray they don't get seriously sick. Excellent point - the bankers in the top .1% are jeopardizing the country's economic future and current access to education/wealth/life betterment by shrinking the size of the collective pie through rent-seeking behaviors that do not add value. We’d love your help. Such activities commonly include seeking no-bid government contracts, special tax incentives, sanctioned monopolies, or regulatory relief that shifts resources away from one sector of the economy and into another. More good stuff from Stiglitz, whether you agree with him or not. Undoubtedly much of my positive response is driven by the fact that I'm the child of parents who worshipped at the shrine of the New Deal, however no small part of it is simple appreciation for Stiglitz's rare knack for cogent explanations that are as compellingly readable as they are putatively authoritative.