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Write a 7 pages paper on stiglitz and stelter are wrong. Obama and Democratic politicians have stopped short of identifying income inequality as the defining problem of our time and have instead elect
Write a 7 pages paper on stiglitz and stelter are wrong. Obama and Democratic politicians have stopped short of identifying income inequality as the defining problem of our time and have instead elected to classify it as an “issue”, where an “issue” is a subject of concern and a “problem” is something that needs a resolution. As we look at the Occupy Wall Street movement and at arguments promoting income inequality as a problem, we will notice how language affects the debate in significant ways. Throughout, we will see why income inequality is more of a neutral “issue” rather than a critical economic problem by critically evaluating arguments.
Joseph Stiglitz, in his “Of the 1%, by the 1%, for the 1%” piece for Vanity Fair in 2011, provides some economic firepower to the latest political push for resolving the issue. Joseph Stiglitz is an American economist and recipient of the Nobel Prize in Economics in 2001 for his work on the theory of asymmetric information. Stiglitz’s book The Price of Inequality, however, has very little to do with asymmetric information in the marketplace, so to treat his essay and his book as an extension of Stiglitz’s Nobel-winning research is a misnomer – particularly because Stiglitz’s work on asymmetric information is positive economics whereas his work on income inequality is normative (i.e. expressing moral judgments) in nature. His advocacy of fairness and dynamicity in society may start with the economics of pay, but it is a thesis that touches sociology, psychology, and politics equally. His four reasons to why inequality is slowing economic growth include: (1) America’s middle class is too meager to support consumer spending needed for a strong bounce-back, (2) the middle class is too meager to put money toward its future, (3) the middle class is too meager to provide a sizeable enough tax basis, and (4) the middle class is too meager to prevent future intense boom and bust cycles (Stiglitz).
