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10 personnes ont trouvé cela utile
le 26 septembre 2012
As an economist I have long felt that inequality was inefficient. Inefficient in terms of total utility (1 dollar more for a homeless brings much more utility than 1 dollar more for someone worth over a billion), inefficient in terms of allocation of capital (I'm not sure how making watches worth over a hundred thousand dollars benefits society), inefficient in terms of brain drain (all those engineers/physicists/mathematicians attracted by the money that comes with working for banks instead of improving our lives) and even inefficient in terms of employee motivation (working long hours, sacrificing your family life and sometimes your health knowing that you only get a tiny fraction of the benefits of your work).
I have also long felt that inequality was both self-reinforcing (not being paid more means longer lasting mortgages with higher interest rates which eventually ends up making the rich even richer) and a recipe for disaster (lower/middle class being highly indebted can't be good when the economy turns sour).
I am sure many others have feel the same way I do, economist or not. Then comes a brilliant man like Joe Stiglitz, a man with such intellectual integrity that a third of his book is devoted to references and endnotes to allow the reader the opportunity to refute any of the claims he made in his book, and this man offers us the result of his deep, borderline perfectionist research on this particular topic and you realize you weren't even close to realize the full extent of the problem at hand. This book is really an eye opener, the system of concentration of wealth will lead us to disaster and it is long overdue that we do something about it.
Everyone should read this book, not only because it is brilliantly researched and exposes one of the biggest threats our economy and society faces but also because he's an example of what our intellectual leaders should be like. Read this book with all the critical thinking you can find, it makes it even more enjoyable.
A must read.