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Inequality: What Can Be Done? 1st Edition
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Winner of the Richard A. Lester Award for the Outstanding Book in Industrial Relations and Labor Economics, Princeton University
An Economist Best Economics and Business Book of the Year
A Financial Times Best Economics Book of the Year
Inequality is one of our most urgent social problems. Curbed in the decades after World War II, it has recently returned with a vengeance. We all know the scale of the problem―talk about the 99% and the 1% is entrenched in public debate―but there has been little discussion of what we can do but despair. According to the distinguished economist Anthony Atkinson, however, we can do much more than skeptics imagine.
“[Atkinson] sets forth a list of concrete, innovative, and persuasive proposals meant to show that alternatives still exist, that the battle for social progress and equality must reclaim its legitimacy, here and now… Witty, elegant, profound, this book should be read.”
―Thomas Piketty, New York Review of Books
“An uncomfortable affront to our reigning triumphalists. [Atkinson’s] premise is straightforward: inequality is not unavoidable, a fact of life like the weather, but the product of conscious human behavior.
―Owen Jones, The Guardian
- ISBN-109780674504769
- ISBN-13978-0674504769
- Edition1st
- PublisherHarvard University Press
- Publication dateMay 11, 2015
- LanguageEnglish
- Dimensions6.5 x 1.75 x 9.75 inches
- Print length400 pages
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Editorial Reviews
Review
“[Atkinson] does not mind speaking uncomfortable truths. Among them: that the comfort and opportunity provided by wealth matter just as much as the consumption that wealth affords; that holding down a job may not be enough to provide most workers with a standard of living that keeps up with economic growth; and that economic power helps protect itself in subtle and pervasive ways which might well demand an interventionist government response. Sir Anthony’s answer might not be the right one. But if his book reminds the reader how far out of fashion the policies of the post-war decades have fallen, it also conveys how skewed the economy of today might look to an observer from the not so distant past―or, perhaps, from the not so distant future.”―The Economist
“Like it or loathe it, this is ambitious stuff.”―Tim Harford, Financial Times
“Atkinson’s book is magisterial. It is the definitive analysis of inequality in Britain and how to reduce it, as viewed through the standard professional economics prism of Utilitarianism. While grounded in sophisticated theory and state-of-the-art quantitative evidence, the book carries through to specific policy recommendations on standard matters such as tax rates, benefits and tax reliefs.”―Paul Collier, Times Literary Supplement
“Provides us with the broad outlines of a new radical reformism… [Atkinson] sets forth a list of concrete, innovative, and persuasive proposals meant to show that alternatives still exist, that the battle for social progress and equality must reclaim its legitimacy, here and now… Witty, elegant, profound, this book should be read: it brings us the finest blend of what political economy and British progressivism have to offer… This is a book written by an optimist and a citizen of the United Kingdom, Europe, and the world: the broad sense it conveys of a more just economy is one of its many appealing qualities. It will stand as a model whatever the outcome of one election or another.”―Thomas Piketty, New York Review of Books
“Atkinson is a first-rate economist who long ago mastered the orthodoxy, and so is well-placed to take it to bits. Patiently, he explains why excessive profits may not be competed away, and why laissez-faire cannot be relied on to get the most out of every resource… Atkinson also has a keen sense of history. He explains how anti-trust laws in the U.S., nowadays narrowly justified in efficiency terms, were originally born out of concerns about fairness. He highlights, too, how the course of industrial technology has often been set by the planners’ guiding hand. All this helps him break out of the frighteningly narrow terrain that economists concede to public policy.”―Tom Clark, The Guardian
“Though it has not attracted the celebrity attention, in many respects Atkinson’s [Inequality] is more important than Thomas Piketty’s pathbreaking Capital in the Twenty-First Century, and is the perfect sequel. Where Piketty explained the tendency of wealth and income to concentrate, Atkinson digs deeper into what drove this shift and why conventional remedies will not reverse the trends. He has a far surer grasp than Piketty of the political dynamics that made possible the anomalous egalitarian era of the 30 glorious years after World War II.”―Robert Kuttner, American Prospect
“Atkinson knows his stuff. He understands arguments used by free marketeers (largely successfully) to marginalize inequality as a front-and-center issue… This is why Atkinson devotes much space in Inequality to rebutting these arguments and asserting that tackling the rich–poor divide should, and can, be a priority… By presenting a strategic combination of new and established ideas, Atkinson shows why addressing the growing pervasiveness of inequality in the twenty-first century requires a sustained attack on many fronts. It also requires seeing economics not just as a debate about numbers but as a debate about people… Atkinson shows what might be possible if we stretch our collective imagination and focus on innovative ways to address what is emerging as the defining issue of our time.”―Mark Triffitt, Australian Book Review
“One of the world’s leading economists, mentor of Piketty and associate of Stiglitz, has written this accessible overview of why inequality matters, and why we need a series of urgent policies to tackle it. You don’t need to be an economist to appreciate this impressive synthesis of his life’s thinking and work.”―Mike Savage, Big Issue
“Inequality is a real accomplishment. It represents the first comprehensive, realistic, and detailed proposal for countering growing economic inequality―and it’s done not by some energetic graduate student but by a seasoned economist who’s been working on these issues for more than forty years.”―Daniel K. Finn, Commonweal
“Atkinson has done a very good job by making suggestions that are actually being professed, albeit hesitantly, by governments. By taking head-on the basic apprehensions of doing so, he shows that if we do not employ these solutions, we are probably making excuses and do not want to shake the present equilibrium due to vested interests. For one who agrees with Piketty, this book will get a big nod, and for those who are not sure, it should probably remove some doubt.”―Madan Sabnavis, Financial Express
“[An] important contribution… Those who desire a thought-provoking guide to policy options [to address inequality] in advanced countries should grapple with Atkinson’s work.”―Martin Wolf, Financial Times
“The best of the new crop of books [on income inequality] is Anthony B. Atkinson’s Inequality: What Is to Be Done? Not unrelatedly, it is also the most solutions-oriented.”―Drew Nelles, Globe and Mail
“Atkinson is a pioneer of the study of the economics of poverty and inequality. His latest work, Inequality: What Can Be Done?, is an uncomfortable affront to our reigning triumphalists. His premise is straightforward: inequality is not unavoidable, a fact of life like the weather, but the product of conscious human behavior.”―Owen Jones, The Guardian
“Inequality: What Can Be Done?, is an effort to keep the issue of inequality on the agenda of politicians, economists, and citizens alike… [It] is explicitly solutions-oriented… The book offers a number of original policy suggestions… [Atkinson’s] mastery of detail and comfort with costings mean that his proposals seem not only imaginative but also practically feasible… Inequality is now an issue that political parties, on all parts of the ideological spectrum, cannot dismiss. And that is partly because of the work of academics such as Thomas Piketty and Anthony Atkinson… The books by Piketty and Atkinson have prompted renewed attention to matters of economic distribution, and have strengthened a public movement that has put pressure on governments to tackle inequality… Atkinson’s Inequality: What Can Be Done? deserves credit for contributing considerable intellectual resources to that important struggle.”―Max Harris, New Statesman
“Atkinson thinks that the division between inequality of outcome and inequality of opportunity is largely false. He believes that tackling inequality of outcome is a very good way to tackle inequality of opportunity. (If you help a grownup get a job, her kids will have a better chance of climbing out of poverty, too.) Above all, he disagrees with the widespread assumption that technological progress and globalization are responsible for growing inequality. That assumption, he argues, is wrong and also dangerous, because it encourages the belief that growing inequality is inevitable.”―Jill Lepore, New Yorker
“There have been countless books on inequality in the recent past―some arguing that it is a pressing problem and others arguing that it is not―but Atkinson’s stands above the crowded field. By pairing quantitative economic analysis with a clear moral argument, he provides lay readers with a bracing and accessible guide to the current inequality debates… Atkinson’s book represents the best case an economist can make on these issues… The fact that we even understand inequality as a real problem with nuanced constraints is something we owe to Atkinson, who helped make it the serious focus of inquiry it is today. This book is a forceful summary of that body of work, and stands as the best introduction to the concerns that will hang over all of our discussions of the economy in the 21st century.”―Mike Konczal, Pacific Standard
“Inequality has replaced house prices as a fashionable topic for discussion. But anyone looking for a serious treatment of the problem, rather than just a dinner party conversation, should turn to [this] book by [an] eminent economist who [has] made the study of inequality [his] life’s work… [Inequality] sets out a range of policies for bringing about a significant reduction in inequality.”―Paul Collier, Prospect
“When he publishes a book, one should pay attention: Atkinson is the best expert on the topic of inequality, mastering the theory and the empirics as well as the relevant politics… This is a book that all concerned with growing inequalities and interested in policy ideas should read. Its general philosophy is that it is not easy to delineate the contours of a ‘just society’ and perhaps illusory to set out to achieve it, but that it is definitely possible to determine a direction of improvement and to find levers that can realistically move us in the right direction. It aims at stimulating and enriching the policy debate, and there is no doubt that it will.”―Marc Fleurbaey, Science
“When a giant among UK economists such as Sir Tony Atkinson publishes a book in which he gives prescriptions based on the work of a lifetime, it deserves to be taken very seriously indeed… The work is rich in ideas and practical proposals.”―Michael Pinto-Duschinsky, Standpoint
“Atkinson takes a position that is in some ways more radical than Piketty… It will surely influence debate as the presidential campaign heats up… Atkinson has researched inequality and poverty for nearly 40 years, using rigorous quantitative analysis to assess the impact of tax rates and other 6policy measures on inequality and growth. [Inequality] focuses on the United Kingdom, but it’s easy to extrapolate his ideas to the U.S.… His book will embolden those who are tired of nibbling at the edges of the problem and skeptical of the argument that rising inequality is the inevitable result of globalization and technical advance. It should stimulate creative and bold thinking as the presidential candidates put their proposals before the public.”―David Brodwin, U.S. News & World Report
“Atkinson, a long-time expert on [economic inequality], seeks to lay bare the underlying issues in a manner accessible to non-economists. After covering the landscape of inequality measurement and theories of economic inequality, of both outcomes and opportunity, the author outlines a set of 15 fairly radical proposals to curb runaway inequality (assuming inequality needs curbing). These proposals include a minimum inheritance for all, a global tax on wealth, and a governmental role in influencing the direction of technological progress away from the kind that exacerbates inequality. They are bold and fresh proposals, but they have little chance of ever being adopted―at least not in today’s U.S. But that is beside the point. Inequality has long been believed to be an inevitable outcome of capitalism; the author rightly begs to differ.”―J. Bhattacharya, Choice
“Tony Atkinson is the godfather of modern research on the distribution of income and wealth. Combining the statistical rigor of Simon Kuznets and the radical reformism of William Beveridge, he has been a role model for entire generations of scholars.”―Thomas Piketty, Paris School of Economics
“Tony Atkinson has done more than anyone else in helping us to understand the meaning of inequality, why it is important, how it has changed over time, and how it can be influenced. He is one of the great scholars of our time.”―Nicholas Stern, London School of Economics and Political Science
Review
-- Paul Krugman New York Times
[Atkinson] does not mind speaking uncomfortable truths. Among them: that the comfort and opportunity provided by wealth matter just as much as the consumption that wealth affords; that holding down a job may not be enough to provide most workers with a standard of living that keeps up with economic growth; and that economic power helps protect itself in subtle and pervasive ways which might well demand an interventionist government response. Sir Anthony’s answer might not be the right one. But if his book reminds the reader how far out of fashion the policies of the post-war decades have fallen, it also conveys how skewed the economy of today might look to an observer from the not so distant past―or, perhaps, from the not so distant future.
-- The Economist
Like it or loathe it, this is ambitious stuff.
-- Tim Harford Financial Times
Atkinson’s book is magisterial. It is the definitive analysis of inequality in Britain and how to reduce it, as viewed through the standard professional economics prism of Utilitarianism. While grounded in sophisticated theory and state-of-the-art quantitative evidence, the book carries through to specific policy recommendations on standard matters such as tax rates, benefits and tax reliefs.
-- Paul Collier Times Literary Supplement
Provides us with the broad outlines of a new radical reformism… [Atkinson] sets forth a list of concrete, innovative, and persuasive proposals meant to show that alternatives still exist, that the battle for social progress and equality must reclaim its legitimacy, here and now… Witty, elegant, profound, this book should be read: it brings us the finest blend of what political economy and British progressivism have to offer… This is a book written by an optimist and a citizen of the United Kingdom, Europe, and the world: the broad sense it conveys of a more just economy is one of its many appealing qualities. It will stand as a model whatever the outcome of one election or another.
-- Thomas Piketty New York Review of Books
Atkinson is a first-rate economist who long ago mastered the orthodoxy, and so is well-placed to take it to bits. Patiently, he explains why excessive profits may not be competed away, and why laissez-faire cannot be relied on to get the most out of every resource… Atkinson also has a keen sense of history. He explains how anti-trust laws in the U.S., nowadays narrowly justified in efficiency terms, were originally born out of concerns about fairness. He highlights, too, how the course of industrial technology has often been set by the planners’ guiding hand. All this helps him break out of the frighteningly narrow terrain that economists concede to public policy.
-- Tom Clark The Guardian
Though it has not attracted the celebrity attention, in many respects Atkinson’s [Inequality] is more important than Thomas Piketty’s pathbreaking Capital in the Twenty-First Century, and is the perfect sequel. Where Piketty explained the tendency of wealth and income to concentrate, Atkinson digs deeper into what drove this shift and why conventional remedies will not reverse the trends. He has a far surer grasp than Piketty of the political dynamics that made possible the anomalous egalitarian era of the 30 glorious years after World War II.
-- Robert Kuttner American Prospect
Atkinson knows his stuff. He understands arguments used by free marketeers (largely successfully) to marginalize inequality as a front-and-center issue… This is why Atkinson devotes much space in Inequality to rebutting these arguments and asserting that tackling the rich–poor divide should, and can, be a priority… By presenting a strategic combination of new and established ideas, Atkinson shows why addressing the growing pervasiveness of inequality in the twenty-first century requires a sustained attack on many fronts. It also requires seeing economics not just as a debate about numbers but as a debate about people… Atkinson shows what might be possible if we stretch our collective imagination and focus on innovative ways to address what is emerging as the defining issue of our time.
-- Mark Triffitt Australian Book Review
One of the world’s leading economists, mentor of Piketty and associate of Stiglitz, has written this accessible overview of why inequality matters, and why we need a series of urgent policies to tackle it. You don’t need to be an economist to appreciate this impressive synthesis of his life’s thinking and work.
-- Mike Savage Big Issue
Inequality is a real accomplishment. It represents the first comprehensive, realistic, and detailed proposal for countering growing economic inequality―and it’s done not by some energetic graduate student but by a seasoned economist who’s been working on these issues for more than forty years.
-- Daniel K. Finn Commonweal
Atkinson has done a very good job by making suggestions that are actually being professed, albeit hesitantly, by governments. By taking head-on the basic apprehensions of doing so, he shows that if we do not employ these solutions, we are probably making excuses and do not want to shake the present equilibrium due to vested interests. For one who agrees with Piketty, this book will get a big nod, and for those who are not sure, it should probably remove some doubt.
-- Madan Sabnavis Financial Express
[An] important contribution… Those who desire a thought-provoking guide to policy options [to address inequality] in advanced countries should grapple with Atkinson’s work.
-- Martin Wolf Financial Times
The best of the new crop of books [on income inequality] is Anthony B. Atkinson’s Inequality: What Is to Be Done? Not unrelatedly, it is also the most solutions-oriented.
-- Drew Nelles Globe and Mail
Atkinson is a pioneer of the study of the economics of poverty and inequality. His latest work, Inequality: What Can Be Done?, is an uncomfortable affront to our reigning triumphalists. His premise is straightforward: inequality is not unavoidable, a fact of life like the weather, but the product of conscious human behavior.
-- Owen Jones The Guardian
Inequality: What Can Be Done?, is an effort to keep the issue of inequality on the agenda of politicians, economists, and citizens alike… [It] is explicitly solutions-oriented… The book offers a number of original policy suggestions… [Atkinson’s] mastery of detail and comfort with costings mean that his proposals seem not only imaginative but also practically feasible… Inequality is now an issue that political parties, on all parts of the ideological spectrum, cannot dismiss. And that is partly because of the work of academics such as Thomas Piketty and Anthony Atkinson… The books by Piketty and Atkinson have prompted renewed attention to matters of economic distribution, and have strengthened a public movement that has put pressure on governments to tackle inequality… Atkinson’s Inequality: What Can Be Done? deserves credit for contributing considerable intellectual resources to that important struggle.
-- Max Harris New Statesman
Atkinson thinks that the division between inequality of outcome and inequality of opportunity is largely false. He believes that tackling inequality of outcome is a very good way to tackle inequality of opportunity. (If you help a grownup get a job, her kids will have a better chance of climbing out of poverty, too.) Above all, he disagrees with the widespread assumption that technological progress and globalization are responsible for growing inequality. That assumption, he argues, is wrong and also dangerous, because it encourages the belief that growing inequality is inevitable.
-- Jill Lepore New Yorker
There have been countless books on inequality in the recent past―some arguing that it is a pressing problem and others arguing that it is not―but Atkinson’s stands above the crowded field. By pairing quantitative economic analysis with a clear moral argument, he provides lay readers with a bracing and accessible guide to the current inequality debates… Atkinson’s book represents the best case an economist can make on these issues… The fact that we even understand inequality as a real problem with nuanced constraints is something we owe to Atkinson, who helped make it the serious focus of inquiry it is today. This book is a forceful summary of that body of work, and stands as the best introduction to the concerns that will hang over all of our discussions of the economy in the 21st century.
-- Mike Konczal Pacific Standard
Inequality has replaced house prices as a fashionable topic for discussion. But anyone looking for a serious treatment of the problem, rather than just a dinner party conversation, should turn to [this] book by [an] eminent economist who [has] made the study of inequality [his] life’s work… [Inequality] sets out a range of policies for bringing about a significant reduction in inequality.
-- Paul Collier Prospect
When he publishes a book, one should pay attention: Atkinson is the best expert on the topic of inequality, mastering the theory and the empirics as well as the relevant politics… This is a book that all concerned with growing inequalities and interested in policy ideas should read. Its general philosophy is that it is not easy to delineate the contours of a ‘just society’ and perhaps illusory to set out to achieve it, but that it is definitely possible to determine a direction of improvement and to find levers that can realistically move us in the right direction. It aims at stimulating and enriching the policy debate, and there is no doubt that it will.
-- Marc Fleurbaey Science
When a giant among UK economists such as Sir Tony Atkinson publishes a book in which he gives prescriptions based on the work of a lifetime, it deserves to be taken very seriously indeed… The work is rich in ideas and practical proposals.
-- Michael Pinto-Duschinsky Standpoint
Atkinson takes a position that is in some ways more radical than Piketty… It will surely influence debate as the presidential campaign heats up… Atkinson has researched inequality and poverty for nearly 40 years, using rigorous quantitative analysis to assess the impact of tax rates and other 6policy measures on inequality and growth. [Inequality] focuses on the United Kingdom, but it’s easy to extrapolate his ideas to the U.S.… His book will embolden those who are tired of nibbling at the edges of the problem and skeptical of the argument that rising inequality is the inevitable result of globalization and technical advance. It should stimulate creative and bold thinking as the presidential candidates put their proposals before the public.
-- David Brodwin U.S. News & World Report
Atkinson, a long-time expert on [economic inequality], seeks to lay bare the underlying issues in a manner accessible to non-economists. After covering the landscape of inequality measurement and theories of economic inequality, of both outcomes and opportunity, the author outlines a set of 15 fairly radical proposals to curb runaway inequality (assuming inequality needs curbing). These proposals include a minimum inheritance for all, a global tax on wealth, and a governmental role in influencing the direction of technological progress away from the kind that exacerbates inequality. They are bold and fresh proposals, but they have little chance of ever being adopted―at least not in today’s U.S. But that is beside the point. Inequality has long been believed to be an inevitable outcome of capitalism; the author rightly begs to differ.
-- J. Bhattacharya Choice
Tony Atkinson is the godfather of modern research on the distribution of income and wealth. Combining the statistical rigor of Simon Kuznets and the radical reformism of William Beveridge, he has been a role model for entire generations of scholars.
-- Thomas Piketty, Paris School of Economics
Tony Atkinson has done more than anyone else in helping us to understand the meaning of inequality, why it is important, how it has changed over time, and how it can be influenced. He is one of the great scholars of our time.
-- Nicholas Stern, London School of Economics and Political Science
About the Author
Product details
- ASIN : 0674504763
- Publisher : Harvard University Press; 1st edition (May 11, 2015)
- Language : English
- Hardcover : 400 pages
- ISBN-10 : 9780674504769
- ISBN-13 : 978-0674504769
- Item Weight : 1.54 pounds
- Dimensions : 6.5 x 1.75 x 9.75 inches
- Best Sellers Rank: #1,200,023 in Books (See Top 100 in Books)
- #285 in Income Inequality
- #822 in Public Policy (Books)
- #1,266 in Theory of Economics
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Customers find the book's evidence and solutions accessible to the general public. They appreciate the thought-provoking topic and thorough analysis of issues of inequality. The writing style is described as beautiful, dense, and well-crafted, though some readers feel it lacks clarity.
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Customers find the book's evidence and solutions accessible to the general public. They appreciate the thorough analysis of inequality issues and the macroeconomic approach used throughout. The topic and presentation are thought-provoking, with descriptive statistics and a world-wide investigation of the title topic.
"Excellent, if dry, book on a subject I have been writing intensely about for more than two decades and on and off for more than 47 years." Read more
"Excellent tool box to work with complex socioeconomic problems as well as simple and important equity issues...." Read more
"...He reports descriptive statistics..." Read more
"The book outlines 15 proposals to reduce inequality and argues why these proposals are correct and doable...." Read more
Customers find the writing clear and accessible for the general public. However, some readers feel the writing has been watered down, making it seem more academic than intended.
"...Even though the writing has been watered down, to some, it still might be too academic; thus the 4 star." Read more
"Beautifully written so that the general public can understand the evidence presented along with the solutions offered." Read more
"A densely written, world-wide investigation of the title topic ......" Read more
Top reviews from the United States
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- Reviewed in the United States on August 9, 2015Too late and too little for the public debate, but too much and too early for a major political mobilization. A decent reference book for activists ready to compromise and to do things without celebrating media.
- Reviewed in the United States on November 16, 2015Inequality is bad.
Wait, not the book, but the fact that some have much more than others and that it is truly impossible to justify that in terms of hard work - whatever that means.
Inequality has been the elephant in the room that was ignored for so long until Piketty blew up for some reason last year. It's weird how that happens in the culture. I bought Piketty’s book Capital on pre-order and only got about 100 pages in,. By the time I actually got the book, I had read so many blogs going back and forth over it that I had felt like I had already read it.
Anthony B. Atkinson’s book, “Inequality: What can be done?” didn’t get the same attention when it came out in 2015, and I’m not sure why not. Maybe the bloggers on both sides had decided that it was time to look at something else - secular stagnation, when will the Fed achieve liftoff from the zero lower bound, is the Phillips curve still a thing. Or maybe because Atkinson’s book felt a little less universal than Piketty with his laws so that people could argue if r was less than, greater than, or equal to g. Either way, the fact that people didn’t let this book blow up in the same way is shameful, because it is more straightforward and systematic and economical with the prose. If anything, it fails because it is less grandiose than Piketty, looking at changes that can be made at the national level instead of some global wealth tax. Instead he has a constellation of proposals and an examination of their feasibility and potential cost. If anything for popular American readers, it might be seen as a bit dry and a bit too focused on somewhere that is not America, but the proposals are transferable. Importantly though, Atkinson doesn’t leave his proposals as the definitive answer, accepting that the economy exists in flux with many variables - making his work not just some answers but a jumping off point for further discussion, We just have to be brave enough to join that discussion.
- Reviewed in the United States on January 7, 2016A truly inspiring read for those passionate about economic social justice. The book treats government policy in more depth than we ever hear in political debate these days
- Reviewed in the United States on September 25, 2015Excellent, if dry, book on a subject I have been writing intensely about for more than two decades and on and off for more than 47 years.
- Reviewed in the United States on May 8, 2019It has been a tough read for me, which tells more about my shortcomings reading in this important topic. From the perspective of taxes, the author challenges many political views that are common in today’s world. I realized that these views, cut taxes or cut subsidies, are more political views not based on sound economic facts and theories. The author goes beyond and he acknowledges that some oh his proposals could sound extreme even for other economists. However the clear message is: world today is much better than our grand grand parents in terms of inequality. Also that government policies have a lot of effect in outcomes like raising or decreasing inequality. That a lot can be worked from our actual situation, learning from the past and looking into the future. And also as an individual you can do your bit and multiply the effect to reduce equality. If you believe, as the author, that a world where some people can make tourism to the space and others cannot have a decent meal, something is wrong and needs to be changed, this is a book to make the effort reading
- Reviewed in the United States on May 30, 2015Excellent tool box to work with complex socioeconomic problems as well as simple and important equity issues. The Macroeconomic approach is very helpful throughout the whole book.
- Reviewed in the United States on July 7, 2015Review of Atkinson’s "Inequality" by Paul F. Ross
The wide variation in income from person to person and from household to household within a national economy, not to mention across many nations, wins the attention of economist Anthony B. Atkinson, professor at Oxford and at London School of Economics. Is that wide variation in income
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Atkinson, Anthony B. "Inequality: What can be done?" 2015, Harvard University Press, Cambridge MA, xii + 384 pages
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justified? His answer is that it is not. What is a just distribution of income and wealth? He avoids answering that question and settles for identifying changes that move current practices in the direction of a more just distribution of income and wealth. What can be done? Atkinson makes fifteen proposals.
Piketty (2014) examined the highest incomes, those in the top ten percent and those in the top one percent, and reported that their incomes would continue to grow since r > g, the rate of return on capital (r) is greater than the rate of growth of the economy (g). Since those with the highest incomes have had spare income with which to purchase capital, the “r” for that capital will insure that their incomes remain higher than the incomes of the 99 percent who must somehow arrange to divide the annual Gross Domestic Product (GDP) that is increasing at the rate “g,” a rate less than “r.” So the have-nots will always experience increasing incomes at a rate less generous than the haves. Atkinson dismisses Piketty’s argument (p 158 forward) saying that “r” is not always greater than “g.” But Atkinson does not carry his rebuttal of Piketty any further than that simple statement.
Atkinson’s method is primarily to think. He makes this reader, who also is a behavioral scientist, very uncomfortable since I strongly prefer science based in empirical evidence about details and relationships, especially observations comparing outcomes under different circumstances, rather than science trying to relate this set of observations to that set of observations by “taking thought.” Atkinson carefully assembles the views of many economists, having out-sized respect for those who have won the “Nobel prize” in economics. He explains individual and family income in its many components in early chapters, convincing me that income is a very complicated topic. He reports descriptive statistics (e.g. inequality in the U.S., inequality in the U.K., lower-90 and top-10 percent income shares in selected countries, income inequality in continental Europe in the post WWII decades, interest rates in the U.K. 1996-2014, public sector net worth in the U.K. 1957-2012, and so on). By Chapter 4 Atkinson presents Proposal 1 (p 118) and proceeds from there through Proposal 15 (p 236) in Chapter 8. He asks and answers whether we can afford undertaking what he recommends.
While Atkinson sees that making Piketty’s “g” greater than Piketty’s “r” completely upsets Piketty’s argument and changes very much the GDP available for distribution, Atkinson’s proposals all advocate redistribution of the GDP that happens to be at hand and ready to be redistributed. Atkinson’s proposals do not address the matter of increasing the rate of growth of the economy (g).
This reader, this organizational psychologist, has a completely different view … sharing with Atkinson his view that income dispersion as it has been developing from the 1980s forward – more to the rich, less to the poor – and apparently has existed in the past (Piketty, 2014) simply cannot continue. That trend leads to social chaos. Stated briefly, this organizational psychologist’s data-grounded recommendation is that we need to identify and better utilize people who are high producers and reward them. The implementation step is to credibly measure job performance and, guided by that information, distribute rewards and new responsibilities to the individuals and teams that show they perform effectively at the tasks needing doing. Because scientists for 350 years have sought to evaluate scientific work and recognize the best work (measure job performance, publish the most important work), research and calculations I’ve assembled from the sciences based on data accumulated from the last forty years indicate that the value of scientists’ work can be quadrupled (and possibly more) without increasing the cost of doing science simply by improving the means by which science-of-high-value is identified and published. Publishing the best science offered for publication is today’s scientists’ intent using current practices, but it is not accomplished. Applying practices (that have been pilot-studied for the sciences) in organizations of all kinds, the world’s per capita GDP probably can be quadrupled without asking anyone to work harder than they are working now. Recognizing honestly and fairly outstanding job performance, wherever it is done, and rewarding it for its contribution to increased GDP, indeed will distribute income (to be followed by wealth when properly invested) very differently from the distribution today – more to the 99 percent of people, less to the 1 percent. With quadrupled GDP to divide among the contributors, there will be resources at hand for sharing in ways not now possible thus enabling dreams that we dare not dream today. This vision is not to be found among economists as is demonstrated by this work by Atkinson. The idea is not yet to be found even among organizational psychologists. It still is an unpublished, new line of thought based on evidence assembled from multiple sciences over the last forty years and, within the last thirty days, has been rejected for publication by two of the world’s most-cited peer-reviewed journals of science. Happily the manuscript has been accepted for publication by a third journal and should be published within the next twelve months. Science works at its own pace.
Opinion leaders and governments are in the habit of thinking economists are best at building policies for guiding economic activities. The US President has a Council of Economic Advisers but no council of advisers in the behavioral and management sciences. Atkinson tells us that accomplishing his fifteen proposals will not be easy. Atkinson is right on that point. This reader understands that this reader’s idea – credibly measuring job performance, allocating rewards and responsibilities based on the performance measures – is coming from a source from which no one expects to hear believable proposals for increasing productivity. That makes following the Ross pathway even more difficult to accomplish than following the Atkinson pathway. However, with the (sometimes unjustified) confidence of a visionary, Ross says that it will be the Ross idea that lifts “g,” the rate of growth of the economy around the world, and shows Piketty’s idea ( r >g ) to be a correct description for just a moment or two in economic history. Atkinson’s thoughts explaining the complexity of income, perhaps correct, will be recognized as complex and very much in need of empirical investigation. Atkinson’s proposals to redistribute income will be very difficult to implement through government action, impossible through voluntary action. The organizations that implement Ross’ plan will gain very large competitive advantage and organizational success. Seeing the advantages, implementation in other organizations, then, will continue voluntarily like a contagion.
Read Atkinson if you wish to be overwhelmed with thoughts about economic details, some of which may be accurate. Economists, like the rest of us, only partly understand human motivation and behavior. Were my ideas known, things could quickly be very different.
Bellevue, Washington
7 July 2015, 8 July 2015
Copyright © 2015 by Paul F. Ross. All rights reserved.
References
Atkinson, Anthony B. "Inequality: What can be done?" 2015, Harvard University Press, Cambridge MA
Piketty, Thomas "Capital in the twenty-first century" 2014, The Belknap Press of Harvard University Press, Cambridge MA
Top reviews from other countries
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n1stelrooyReviewed in Germany on September 25, 2018
5.0 out of 5 stars Herausragende Analyse mit vielen Referenzen
Ungleichheit ist das Thema was Ökonomen in den nächsten Jahren beschäftigen wird (durch neue Arbeiten und Analysen durch Moll et al.). Dieses Buch dient als guten Einstieg in das Thema und stellt die wichtigsten Probleme und Lösungsansätze kurz da.
- GasparReviewed in Canada on January 7, 2016
5.0 out of 5 stars Hmm...
This is definitely a book that makes you go "Hmm...". Nicely written even if the subject matter can cause discomfort to suburban cookie-cutter brains. Well worth investing the time for reading and for thought.
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Rouillac55Reviewed in France on March 3, 2016
5.0 out of 5 stars excellent ouvrage
écrit par un spécialiste du sujet, attaché au principe de l'égalité sociale (pas l'égalitarisme), l'ouvrage n'est pas technique mais il montre les différentes facettes de l'inégalité économique et donne à voir les moyens de de réduire celle-ci. Des idées nouvelles et stimulantes qui font réfléchir la personne qui tien en main l'ouvrage.
Lecture fortement conseillée à tous ceux - toutes celles - qui s'intéressent à cette question centrale de nos sociétés modernes.
- therealusReviewed in the United Kingdom on August 24, 2015
5.0 out of 5 stars If only...
Anthony Atkinson’s study of inequality is a worthy and accomplished piece of analysis. The book is divided into three parts, in simple terms the Why, What and How: Why it matters, What can be done and How it can be done, which includes an econometric analysis of costs and benefits of some of his proposals.
Why it matters includes, inter alia, intrinsic and instrumental reasons for concerns about inequality. On the intrinsic side is both a broad idea of justice coupled with a simple statement of economic thought from Hugh Dalton based on the idea of utility: when you transfer a pound from a rich person to a poor person, the poor person’s utility is raised, whereas the rich person’s utility is not lowered, thus raising aggregate utility for society as a whole. On the instrumental side are concerns for outcomes for society as a whole in terms of a lack of social cohesion, increased crime, ill-health and so on. Echoing Thomas Piketty (Capital in the Twenty-First Century) and Francois Bourguignon (The Globalisation of Inequality), Atkinson shows how inequality has grown since the second world war, partly because the institutions that grew out of the social solidarity that the first half of the twentieth century produced have been shrinking in more recent years, probably starting from the elections of Thatcher and Reagan.
In the second section Atkinson puts forward fifteen proposals for action, plus five ideas to pursue. These include adoption of policies aimed at boosting technological advancement, reducing unemployment and assuring workers are paid a wage commensurate with maintaining a decent standard of living. Some are radical, some look like proposals that have already been on the table. Atkinson accepts that none is straightforward and discusses some potential issues. One I think he missed, relating to his idea of providing a capital endowment to all on reaching adulthood, is how to avoid dubious practice in the financial industry, in a similar way to payday loans, whereby before coming of age a recipient may take out a loan at usurious interest rates. However, in a book for the general reader of only 300 pages it is difficult to cover all the details.
The final section discusses implementation and benefits. I found this the least well-expressed section. In the same way as Atkinson reduces each proposal to a short statement, so his refutations of the conventional “wisdom” that often acts as a brake on progressive ideas could have been stated more simply up front before entering into the detail. I suspect that here as in a few other places he lacked strong editorship, perhaps the reason why “expence” slips in a couple of times and the expression “there is no smoking gun” is used where I suspect he meant there is no silver bullet. However, on the strong side he demonstrates that implementation of just five of his proposals would, for the UK, reduce inequality as measured by the Gini coefficient. I also felt his case against certain provisions in the TTIP agreement is better made than that of Owen Jones in The Establishment, mostly that whilst it makes plenty of provisions for investors and corporations it makes none for consumers and workers.
Overall then a worthwhile read, giving substance to the case against inequality, providing strong economic principles on which to build the case, and doing some of the cost-benefit legwork needed to satisfy the bean counters. Nevertheless, as good an argument as Atkinson advances, I have little hope that the current government is about to implement any of his proposals in the next five years.
Oh, and just incidentally, one of the items Atkinson discusses is the issue of “uncompetitive” wage demands in the UK. As he points out, when housing prices, whether to buy or let, are so high, then people quite rationally will attempt to maximise their wages to pay for accommodation. Thinking about it, the premium on housing in the UK is worse than any formal tax; it is in practical terms a stealth tax imposed by the failed policy of selling off social housing and inability to keep up with growing demand. It’s a market failure; as usual the knight in shining armour, also known as the market, has not ridden in as predicted. Build more houses, bring down prices, reduce the need for spiralling wage increases. Unfortunately it gets complicated once you think of the potential for trapping more people in negative equity. Thus successive governments’ abysmal record on housing since the 1980s has painted us into a corner. As the joke goes, I wouldn’t start from here.
- DR. PRANJAL PROTIM BURAGOHAINReviewed in India on August 9, 2015
5.0 out of 5 stars Five Stars
Excellent book on inequality...