tag:blogger.com,1999:blog-2761684730989137546.post8002893761301505812..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: Thomas Piketty is right: Income inequality is holding us back — Lynn Stuart Parramore interviews Barry Cynamon and Steven Fazzarimike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2761684730989137546.post-78216038990980020762014-11-29T15:58:31.503-05:002014-11-29T15:58:31.503-05:00"Could be a symptom of low incomes"
Rig..."Could be a symptom of low incomes"<br /><br />Right in subtraction arithmetic comparing one person's income to another person's income the result of the arithmetic cannot be causal... rspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-18959074285504050092014-11-29T14:41:03.346-05:002014-11-29T14:41:03.346-05:00Seem like people are finally being rational about ...Seem like people are finally being rational about Piketty and getting at the limits and implications without all the defensiveness and anger. Finance and debt, coincided with inequality but could be a symptom of low incomes, and lack of demand for labor. If private sector borrows to invest because of a lack of other "productive" opportunities.... <br /> I prefer the avenue that <a href="http://www.bloombergview.com/articles/2014-11-28/you-want-a-bigger-paycheck-convince-me" rel="nofollow">Noah Smith</a> and <a href="http://www.paecon.net/PAEReview/issue69/Syll69.pdf" rel="nofollow">Syll</a> have taken, which is that rather than finance being the only critical flaw, another Econ measurement error may be at the center of the disaster in labor and trade policy: Productivity measures and flawed analysis by economists, again. Rather than being at odds with Piketty, it takes Piketty a step further and gets at what went wrong and why.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77528223332217567482014-11-28T06:54:01.763-05:002014-11-28T06:54:01.763-05:00This is similar to the MMT position that "the...This is similar to the MMT position that "the deficit is too small" in that it implies an ignorance of or at least denigrates the source function... <br /><br />So both looking at income "inequality" and the govt balance "inequality" are RESULTS of arithmetic subtractions and NOT CAUSES of anything...<br /><br />So this is at least sloppy here to say "inequality is causing blah blah...." just as it is sloppy to say "the too small deficit is causing blah blah...."<br /><br />Subtraction results are not causal they are comparative.<br /><br />You have minuends and subtrahends in subtraction which when examined individually are more revealing than the subtraction result.Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com