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The Economist wrote: "A modern surge in inequality has new economists wondering, as Marx and Ricardo did, which forces may be stopping the fruits of capitalism from being more widely distributed. Capital in the Twenty-First Century ... is an authoritative guide to the question." [37] Will Hutton wrote: "Like Friedman, Piketty is a man for the ...
The United States is experiencing in the 21st century an unprecedented level of inequality: whereas on the eve of the Great Depression – which was partly caused by inequalities between workers and capitalists – the richest 1% owned 24% of the country's income, in 2019 this rate is 27%.
But political action can also become violent — take the French Revolution in the late-18th century, for example. In the U.S., income inequality has been on the rise for decades.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data [2]) or 2012 (Piketty, Saez, Zucman data [15]). Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016, [2] [16] [17] followed by an increase from 2016 to 2018. [18]
Thomas Piketty (French: [tɔmɑ pikɛti]; born 7 May 1971) is a French economist who is a professor of economics at the School for Advanced Studies in the Social Sciences, associate chair at the Paris School of Economics (PSE) [1] and Centennial Professor of Economics in the International Inequalities Institute at the London School of Economics (LSE).
Capital and Ideology (French: Capital et Idéologie) [1] is a 2019 book by French economist Thomas Piketty. [2] Capital and Ideology follows Piketty's 2013 book Capital in the Twenty-First Century, which focused on wealth and income inequality in Europe and the United States.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]