Does Inequality Result in Prosperity?

March 11th, 2008

Lane Kenworthy lays out yet again the stunning rise in inequality in America since 1950, and especially during the period since the early eighties when supply-side economic thinking took effect. Meanwhile Greg Mankiw is presenting more don’t-worry-be-happy data.

Supply-siders will tell you that we need to embrace or least tolerate this inequality, because it’s necessary if our economy is to grow.

So, how’s that theory working out?

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Hmmm….

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