Blog
The Costs and Benefits of Inequality
17th October 2010
One of my teaching heroes - Robert Frank (Author of the Economic Naturalist) has this persuasive and no-nonsense article on the long term damage created by unprecedented levels of income inequality in the United States.
“The economist’s cost-benefit approach — itself long an important arrow in the moral philosopher’s quiver — has much to say about the effects of rising inequality. We need not reach agreement on all philosophical principles of fairness to recognize that it has imposed considerable harm across the income scale without generating significant offsetting benefits.”
His views on the risks from a winner takes it all society are included in the new film The Flaw now on release. And I heard him speak with great eloquence at the RSA the summer before last on the dangers of status races and conspicuous consumption. A hat tip to Shani Hartley for spotting his latest comment piece in the New York Times.
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.