Contemporary Economics and Inequality
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Robin Maialeh: University of Economics
Chapter Chapter 2 in Dynamic Models and Inequality, 2020, pp 5-38 from Springer
Abstract Despite that classical economists and their contemporaries in other social sciences were significantly focused on inequality in economic distribution and the question of inequality indeed played the central role, social scientists in the last century and economists paradoxically the most, partly overlook the question of how wealth (in its broadest sense) is distributed. Fortunately, this trend is dramatically changing. A proponent of these classical economists and their contemporaries was Adam Smith who had been convincing us that the demand of those who live by wages increases with the increase of aggregate wealth. By this he has inspired many thinkers of political economy. Empirical findings however do not correspond to such trickle-down idea. This fact causes that research on inequality comes to the forefront of social sciences’ interest. Recent development in economics indicate that inequality is slowly becoming the most burning issue throughout the whole spectre of economic disciplines.
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