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- DescriptionThe first book-length treatment to conclusively demonstrate the link between income inequality and the 2008 financial crisis and Great Recession Prevailing ecomic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domi effect throughout the ecomy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an ecomic explanation of a phemen described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality.
- Author BiographyMatthew P. Drennan is a visiting professor of urban planning at UCLA and an emeritus professor in the Department of City and Regional Planning at Cornell University. He lives in Los Angeles, CA.
- Author(s)Matthew P. Drennan
- PublisherYale University Press
- Date of Publication05/01/2016
- SubjectEconomics: Professional & General
- Place of PublicationNew Haven
- Country of PublicationUnited States
- ImprintYale University Press
- Content Note13 b/w illus.
- Weight317 g
- Width140 mm
- Height210 mm
- Spine20 mm
- Format DetailsCloth over boards
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