What is the future of economic inequality?

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Chapter 8 in Understanding Economic Inequality, 2020, pp 201-219 from Edward Elgar Publishing

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.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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