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- DescriptionThe scourge of America s ecomy isn't the success of the 1 percent quite the opposite. The real problem is the government s well-meaning but misguided attempt to reduce the payoffs for success. Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage ecomies. He warned that loose monetary policy would produce neither growth r inflation, that expansionary fiscal policy would have lasting benefit on growth in the aftermath of the crisis, and that ill-advised attempts to rein in banking based on misplaced blame would slow an already weak recovery. Unfortunately, he was right. Now he s back with ather provocative argument: that our current obsession with income inequality is misguided and will only slow growth further. Using fact-based logic, Conard tracks the implications of an ecomy w constrained by both its capacity for risk-taking and by a shortage of properly trained talent rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal ecomists like Larry Summers and Joseph Stiglitz and the myths of crony capitalism more broadly. Instead, he argues that the growing wealth of most successful Americans is t to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting t just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an ecomy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to kwledge-intensive, invation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.
- Author BiographyEd Conard is the author of two top tenNew York Timesbestselling books: The Upside of Inequality: How Good Intentions Undermine the Middle ClassandUnintended Consequences: Why Everything You ve Been Told About the Economy Is Wrong. He is a visiting scholar at the American Enterprise Institute. Previously, he was a founding partner at Bain Capital, where he worked closely with former presidential candidate Mitt Romney.
- Author(s)Edward Conard
- PublisherPenguin Putnam Inc
- Date of Publication01/11/2016
- SubjectEconomics: Textbooks & Study Guides
- Place of PublicationNew York
- Country of PublicationUnited States
- First Published2016
- Weight499 g
- Width160 mm
- Height234 mm
- Spine28 mm
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