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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.
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.
In this groundbreaking book on one of the world's greatest economic crises, Hacker and Pierson explain why the richest of the rich are getting richer while the rest of the world isn't.
Named one of Vulture’s Top 10 Best Books of 2020! Leftist firebrand Fredrik deBoer exposes the lie at the heart of our educational system and demands top-to-bottom reform. Everyone agrees that education is the key to creating a more just and equal world, and that our schools are broken and failing. Proposed reforms variously target incompetent teachers, corrupt union practices, or outdated curricula, but no one acknowledges a scientifically-proven fact that we all understand intuitively: Academic potential varies between individuals, and cannot be dramatically improved. In The Cult of Smart, educator and outspoken leftist Fredrik deBoer exposes this omission as the central flaw of our entire society, which has created and perpetuated an unjust class structure based on intellectual ability. Since cognitive talent varies from person to person, our education system can never create equal opportunity for all. Instead, it teaches our children that hierarchy and competition are natural, and that human value should be based on intelligence. These ideas are counter to everything that the left believes, but until they acknowledge the existence of individual cognitive differences, progressives remain complicit in keeping the status quo in place. This passionate, voice-driven manifesto demands that we embrace a new goal for education: equality of outcomes. We must create a world that has a place for everyone, not just the academically talented. But we’ll never achieve this dream until the Cult of Smart is destroyed.
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.
First published in 1979, Inequality, Crime, and Public Policy integrates and interprets the vast corpus of existing research on social class, slums, and crime, and presents its own findings on these matters. It explores two major questions. First, do policies designed to redistribute wealth and power within capitalist societies have effects upon crime? Second, do policies created to overcome the residential segregation of social classes have effects on crime? The book provides a brilliantly comprehensive and systematic review of the empirical evidence to support or refute the classic theories of Engles, Bonger, Merton, Cloward and Ohlin, Cohen, Miller, Shaw and McKay, amongst many others. Braithwaite confronts these theories with evidence of the extent and nature of white collar crime, and a consideration of the way law enhancement and law enforcement might serve class interest.
"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
From the bestselling author of The Dark Net comes a book that explains all the dangers of the digital revolution and offers concrete solutions on how we can protect our personal privacy, and democracy itself. The internet was meant to set us free. But have we unwittingly handed too much away to shadowy powers behind a wall of code, all manipulated by a handful of Silicon Valley utopians, ad men, and venture capitalists? And, in light of recent data breach scandals around companies like Facebook and Cambridge Analytica, what does that mean for democracy, our delicately balanced system of government that was created long before big data, total information, and artificial intelligence? In this urgent polemic, Jamie Bartlett argues that through our unquestioning embrace of big tech, the building blocks of democracy are slowly being removed. The middle class is being eroded, sovereign authority and civil society is weakened, and we citizens are losing our critical faculties, maybe even our free will. The People Vs Tech is an enthralling account of how our fragile political system is being threatened by the digital revolution. Bartlett explains that by upholding six key pillars of democracy, we can save it before it is too late. We need to become active citizens, uphold a shared democratic culture, protect free elections, promote equality, safeguard competitive and civic freedoms, and trust in a sovereign authority. This essential book shows that the stakes couldn't be higher and that, unless we radically alter our course, democracy will join feudalism, supreme monarchies and communism as just another political experiment that quietly disappeared.