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Summary and Analysis of The Upside of Inequality: How Good Intentions Undermine the Middle Class Based on the Book by Edward Conard So much to read, so little time? This brief overview of The Upside of Inequality tells you what you need to know—before or after you read Edward Conard’s book. Crafted and edited with care, Worth Books set the standard for quality and give you the tools you need to be a well-informed reader. This short summary and analysis of The Upside of Inequality includes: Historical context Chapter-by-chapter overviews Important quotes Fascinating trivia Glossary of terms Supporting material to enhance your understanding of the original work About The Upside of Inequality: How Good Intentions Undermine the Middle Class by Edward Conard: New York Times–bestselling author Edward Conard argues in favor of an American economic system that results in massive income inequality. Breaking down the causes of inequality while dispelling many of the myths surrounding stagnating wages and financial disparity for the the lower and middle classes, Conard dismisses the call for wealth redistribution. He, instead, makes the case for lower taxes, less regulation of banks, restricted immigration, and lower trade deficits. The summary and analysis in this ebook are intended to complement your reading experience and bring you closer to a great work of nonfiction.
The scourge of America’s economy isn't the success of the 1 percent—quite the opposite. The real problem is the government’s well-meaning but misguided attempt to reduce the payoffs for success. Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies. He warned that loose monetary policy would produce neither growth nor inflation, that expansionary fiscal policy would have no lasting benefit on growth in the aftermath of the crisis, and that ill-advised attempts to rein in banking based on misplaced blame would slow an already weak recovery. Unfortunately, he was right. Now he’s back with another provocative argument: that our current obsession with income inequality is misguided and will only slow growth further. Using fact-based logic, Conard tracks the implications of an economy now constrained by both its capacity for risk-taking and by a shortage of properly trained talent—rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal economists like Larry Summers and Joseph Stiglitz and the myths of “crony capitalism” more broadly. Instead, he argues that the growing wealth of most successful Americans is not to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting not just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an economy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.
Was our country’s economic success before the Crash of ‘08 built on false pretenses? Did we simply borrow and spend too much, or was something else really going on? The conventional wisdom now accuses Wall Street and the mortgage industry of using predatory tactics to seduce homeowners. Meanwhile, average Americans are blamed for increasing consumption to unsustainable levels by borrowing recklessly. And the tax policies of the Reagan and Bush administrations are blamed for encouraging reckless risk-taking. Edward Conard disagrees. In an attempt to set the record straight he presents a fascinating new case for how the economy really works, why the U.S. has outperformed other countries, what caused the financial crisis, and what improvements might better protect our economy without damaging growth.
Dream Hoarders sparked a national conversation on the dangerous separation between the upper middle class and everyone else. Now in paperback and newly updated for the age of Trump, Brookings Institution senior fellow Richard Reeves is continuing to challenge the class system in America. In America, everyone knows that the top 1 percent are the villains. The rest of us, the 99 percent—we are the good guys. Not so, argues Reeves. The real class divide is not between the upper class and the upper middle class: it is between the upper middle class and everyone else. The separation of the upper middle class from everyone else is both economic and social, and the practice of “opportunity hoarding”—gaining exclusive access to scarce resources—is especially prevalent among parents who want to perpetuate privilege to the benefit of their children. While many families believe this is just good parenting, it is actually hurting others by reducing their chances of securing these opportunities. There is a glass floor created for each affluent child helped by his or her wealthy, stable family. That glass floor is a glass ceiling for another child. Throughout Dream Hoarders, Reeves explores the creation and perpetuation of opportunity hoarding, and what should be done to stop it, including controversial solutions such as ending legacy admissions to school. He offers specific steps toward reducing inequality and asks the upper middle class to pay for it. Convinced of their merit, members of the upper middle class believes they are entitled to those tax breaks and hoarded opportunities. After all, they aren't the 1 percent. The national obsession with the super rich allows the upper middle class to convince themselves that they are just like the rest of America. In Dream Hoarders, Reeves argues that in many ways, they are worse, and that changes in policy and social conscience are the only way to fix the broken system.
Analyzes the growing divide between the incomes of the wealthy class and those of middle-income Americans, exonerating popular suspects to argue that the nation's political system promotes greed and under-representation.
World Inequality Report 2022 is the most authoritative and comprehensive account of global trends in inequality, providing cutting-edge information about income and wealth inequality and also pioneering data about the history of inequality, gender inequality, environmental inequalities, and trends in international tax reform and redistribution.
"Haunting ... teems with raw emotion, and McCullough deftly captures the experience of learning to behave in a male-driven society and then breaking outside of it."—The New Yorker "I will be haunted and empowered by Artemisia Gentileschi's story for the rest of my life."—Amanda Lovelace, bestselling author of the princess saves herself in this one A William C. Morris Debut Award Finalist 2018 National Book Award Longlist Her mother died when she was twelve, and suddenly Artemisia Gentileschi had a stark choice: a life as a nun in a convent or a life grinding pigment for her father's paint. She chose paint. By the time she was seventeen, Artemisia did more than grind pigment. She was one of Rome's most talented painters, even if no one knew her name. But Rome in 1610 was a city where men took what they wanted from women, and in the aftermath of rape Artemisia faced another terrible choice: a life of silence or a life of truth, no matter the cost. He will not consume my every thought. I am a painter. I will paint. Joy McCullough's bold novel in verse is a portrait of an artist as a young woman, filled with the soaring highs of creative inspiration and the devastating setbacks of a system built to break her. McCullough weaves Artemisia's heartbreaking story with the stories of the ancient heroines, Susanna and Judith, who become not only the subjects of two of Artemisia's most famous paintings but sources of strength as she battles to paint a woman's timeless truth in the face of unspeakable and all-too-familiar violence. I will show you what a woman can do. ★"A captivating and impressive."—Booklist, starred review ★"Belongs on every YA shelf."—SLJ, starred review ★"Haunting."—Publishers Weekly, starred review ★"Luminous."—Shelf Awareness, starred review
A new approach to understanding voter choice with important implications. There is a substantial class of voters who would like to do good but ignore important consequences of their attempts to do sonave altruists. The book both shows why such a class exists and tests the implications of that groups behavior in a setting where other voters are self-interested, others are traditionalists, and imitation plays a big role in voter choice. The book also looks at the policy implications of such behavior accepting as desirable, but not fully achievable, the democratic ideal in which sufficiently informed citizens are given equal weight in political choices. Nave altruists ignore the anti-growth consequences of redistribution from the rich as a class to the poor as a class. That ignorance produces too much of that redistribution in terms of the democratic ideal.
“One of the most profound and illuminating studies of this century to have been published in recent decades.”—John Gray, New York Times Book Review Hailed as “a magisterial critique of top-down social planning” by the New York Times, this essential work analyzes disasters from Russia to Tanzania to uncover why states so often fail—sometimes catastrophically—in grand efforts to engineer their society or their environment, and uncovers the conditions common to all such planning disasters. “Beautifully written, this book calls into sharp relief the nature of the world we now inhabit.”—New Yorker “A tour de force.”— Charles Tilly, Columbia University
NEW YORK TIMES BESTSELLER • LONGLISTED FOR THE NATIONAL BOOK AWARD • One of today’s most insightful and influential thinkers offers a powerful exploration of inequality and the lesson that generations of Americans have failed to learn: Racism has a cost for everyone—not just for people of color. WINNER OF THE PORCHLIGHT BUSINESS BOOK AWARD • ONE OF THE BEST BOOKS OF THE YEAR: Time, The Washington Post, St. Louis Post-Dispatch, Ms. magazine, BookRiot, Library Journal “This is the book I’ve been waiting for.”—Ibram X. Kendi, #1 New York Times bestselling author of How to Be an Antiracist Look for the author’s new podcast, The Sum of Us, based on this book! Heather McGhee’s specialty is the American economy—and the mystery of why it so often fails the American public. From the financial crisis of 2008 to rising student debt to collapsing public infrastructure, she found a root problem: racism in our politics and policymaking. But not just in the most obvious indignities for people of color. Racism has costs for white people, too. It is the common denominator of our most vexing public problems, the core dysfunction of our democracy and constitutive of the spiritual and moral crises that grip us all. But how did this happen? And is there a way out? McGhee embarks on a deeply personal journey across the country from Maine to Mississippi to California, tallying what we lose when we buy into the zero-sum paradigm—the idea that progress for some of us must come at the expense of others. Along the way, she meets white people who confide in her about losing their homes, their dreams, and their shot at better jobs to the toxic mix of American racism and greed. This is the story of how public goods in this country—from parks and pools to functioning schools—have become private luxuries; of how unions collapsed, wages stagnated, and inequality increased; and of how this country, unique among the world’s advanced economies, has thwarted universal healthcare. But in unlikely places of worship and work, McGhee finds proof of what she calls the Solidarity Dividend: the benefits we gain when people come together across race to accomplish what we simply can’t do on our own. The Sum of Us is not only a brilliant analysis of how we arrived here but also a heartfelt message, delivered with startling empathy, from a black woman to a multiracial America. It leaves us with a new vision for a future in which we finally realize that life can be more than a zero-sum game. LONGLISTED FOR THE ANDREW CARNEGIE MEDAL