Joe Stiglitz has an Opinionator piece arguing that inequality is a big factor in our slow recovery. Joe is an insanely great economist, so everything he says should be taken seriously. And given my political views and general concerns about inequality, I’d like to agree.
But — you knew there was a “but” coming — I’ve thought about these issues a lot, and haven’t been able to persuade myself that this particular morality tale is right.
I wish I could sign on to this thesis, and I’d be politically very comfortable if I could. But I can’t see how this works.
And time´s wasted on Stiglitz while Christy Romer´s ‘companion’ piece was so much more deserving…