By David Madland
ISBN-10: 0520281640
ISBN-13: 9780520281646
Read or Download Hollowed Out: Why the Economy Doesn't Work without a Strong Middle Class PDF
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Additional info for Hollowed Out: Why the Economy Doesn't Work without a Strong Middle Class
Example text
Now, there is clearly an opening to challenge supply side. But the theory continues to have great political influence not just because it has powerful supporters, but more fundamentally because an alternative theory has not yet replaced it. Without a different way of understanding the economy, politicians hang on to what they know. Too many politicians today continue to push Middle Out vs. Trickle Down / 25 supply-side policies that exacerbate the economy’s woes, just as politicians did in the aftermath of the Great Depression when they championed laissez-faire policies that further weakened the economy.
63 The various ways the middle class is struggling affect these mechanisms of growth in slightly different ways. High levels of debt play a key role in reducing consumer demand, for example, while the declining position of the middle class compared to the rich undermines the quality of government. The middle class’s lack of money is particularly important in explaining their inability to start a business, while extreme inequality has undermined societal trust. Stagnant incomes, rising debt, and record levels of inequality all impact growth and none can be ignored.
In relationships where people interact repeatedly, people often realize that their long-term interest is best served by coordinating with others. Still, even this more advanced view of human behavior by economists often misses some critical points. Humans are, of course, sometimes selfish, as the typical economic models maintain. But we also have other motivations— and these motivations are essential for trust to develop. Further, trust is more likely to develop under certain conditions, yet most economic theories have little to say about the underlying societal conditions that make trusting behaviors more likely.
Hollowed Out: Why the Economy Doesn't Work without a Strong Middle Class by David Madland
by Daniel
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