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What is the future of economic inequality?

In: Understanding Economic Inequality

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Abstract

In this chapter, we will attempt to discern the most likely path of inequality in the future, even if that path is sure to be different from what we expected. At the same time, we will also look forward to the factors that are most likely to play a role in making our forecasts about inequality wrong in the future, particularly the future impact of technological innovation, globalization, and public policy. Inequality matters because productivity is socially determined; perceptions of fairness influence our behavior; and inequality impacts institutions which are key determinants of how our economy and our society are doing. Like inequality itself, changing public policy to deal with inequality will only come about as the result of complicated synergies between people with different backgrounds and different levels of privilege, all interconnected in webs composed of externalities and ideas and social norms and psychology.

Suggested Citation

  • ., 2020. "What is the future of economic inequality?," Chapters, in: Understanding Economic Inequality, chapter 8, pages 201-219, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18462_8
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    Cited by:

    1. Breitenlechner, Max & Georgiadis, Georgios & Schumann, Ben, 2022. "What goes around comes around: How large are spillbacks from US monetary policy?," Journal of Monetary Economics, Elsevier, vol. 131(C), pages 45-60.
    2. Zhou, Yue & Wu, Jianzhong & Song, Guanyu & Long, Chao, 2020. "Framework design and optimal bidding strategy for ancillary service provision from a peer-to-peer energy trading community," Applied Energy, Elsevier, vol. 278(C).
    3. Katarzyna Kocur-Bera & Anna Lyjak, 2021. "Analysis of Changes in Agricultural Use of Land After Poland’s Accession to the EU," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 517-533.

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    Keywords

    Economics and Finance;

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