This article from the New York Times, written by an economist I know all too well thanks to his contributions to Econ textbooks, Paul Krugman, gives his opinion of the Occupy movement. In particular, he points to the flaws in the argument against the Occupy movement, asserting that they're just flat out wrong. We learned a lot about the rising income inequality in lecture including some reasons and solutions, but we talked little about the consequences of rising income inequality. Krugman makes a point to discuss the potential effects which he sums up in saying that our society will become an oligarchy in nature, but democracy by name. With political votes largely influenced by who can raise more money, and policy decisions influenced by elite corporations, not only will the wealth remain with the top 1%, but so will societal decision making. The issue goes beyond economics and into political, potentially effecting our societal DNA forever.
http://www.nytimes.com/2011/11/04/opinion/oligarchy-american-style.html
No comments:
Post a Comment