Written Question from Chapter 10 of The Price of Inequality Please answer the fo
ID: 1212040 • Letter: W
Question
Written Question from Chapter 10 of The Price of Inequality
Please answer the following:
In chapter 10, Professor Stiglitz outlines his agenda for the reforming the U.S. economic policy which he believes is responsible for the inequality in income, wealth, opportunity, and political power. This agenda consists of the following:
Reduce Rent Seeking and Leveling the Playing Field
Tax Reform
Tempering Globalization
Restoring and Maintaining Full Employment
A New Social Compact
Restoring Sustainable and Equitable Growth.
He claims that his proposed reforms and his book are “not about the politics of envy.” Do you agree? Using one or more of the policies outlined under the above headings, support your assertion and support with evidence offered in Dr. Stiglitz’s book, other sources or your own observations.
PLEASE ANSWER IN YOUR OWN WORDS. YOU WOULD HAVE NEEDED TO READ THE BOOK.....
Explanation / Answer
Yes, i agree with the agenda of Professor Stiglitz. He was of the opinion that in order to develop or reform U.S. economy there would be inequality in different aspects pertaining to an economy such as wealth, income, opportunity and political power.
Stiglitz shares his views to minimise the dangers of inequality which according to him would defnately cover up America and can go beynond. He was of the opinion that a wealthy person are using their power for creating monopolies and this in turn can even affect the productivity.He said,"For an even more striking illustration of the state of inequalityin America, consider the Walton family...(these) heirs command wealth of $69.7 billion dollars, which is equivalent to the wealth of entire bottom 30 % of the U.S. society". He does not believe that globalisation and technological changes are creating much of diffrences. He was of the opinion that that major inequalities result from the richer section of the society who can exploit in many ways.
Stiglitz gave some perscriptions for America that higher taxes on rich, reductions on corporate welfare, elimination of taxation mischief. But in a finite world today there as dfined by billions of individuals who are living in poverty, the answers cannot be found clearly within the purview of economics.
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