Introduction; 1. Decades of income inequality; 2. Macroeconomic income distribution; 3. 'Capital', capital gains, capitalization, and wealth; 4. Sectoral stagnation, flat productivity, and lagging real wages; 5. Institutions and models for maldistribution; 6. Possible future prospects; References.
An innovative approach to measuring inequality providing the first full integration of distributional and macro level data for the US.
Lance Taylor is the Arnhold Professor Emeritus of International Cooperation and Development and was Director of the Center for Economic Policy Analysis at the New School for Social Research, New York.
'This book is a tour de force. Combining deep theoretical insights
with thorough empirical work, the authors explain the causes and
consequences of major recent episodes in the advanced capitalist
world. Over the decades, Taylor has built up a convincing,
original, and thoroughly researched theoretical structure of his
own. The end results illuminate understanding about the provision
of humane and realistic policies. These findings operate as
characteristics of this new volume, the first in an important new
series. Macroeconomic Inequality from Reagan to Trump is certain to
be a jewel in its crown.' Geoff Harcourt, Jesus College,
'Taylor's brilliant book on the macroeconomics of inequality in the USA since the mid-1980s is a major contribution. It is the only full integration of distributional and macro level data for the USA. This is Taylor's magnum opus.' Jose Gabriel Palma, University of Cambridge
'Taylor and Omer's book could not be more timely ... the study identifies sustained wage growth relative to productivity growth, undoing the decades of wage repression, as the most effective long-run solution to disparities of wealth and income. This conclusion arises from an impressive wealth of data, meticulously assembled, together with a challenging critique of conventional views of productivity, trade, growth and finance.' Sheila Dow, University of Stirling
'Lance Taylor and Ozlem Omer's melancholy anatomy of inequality fills in many gaps in the burgeoning literature on inequality, grounding its history and analysis in solid empirical evidence. The result is a sobering but indispensable look at what is emerging as the leading economic problem of the twenty-first century.' Duncan Foley, The New School for Social Research, New York
'This provocative book presents an empirically rich, convincing macroeconomic analysis of how and why inequalities in the US economy have increased, and what can be done about them. Lance Taylor convincingly discredits popular myths about this shift, singling out the decay of unions, the weakening of labour's bargaining position and the growth of a 'dual economy' as the deepest drivers of the present distributional mess. This book should be required reading for economists of all persuasions, as well as for policymakers and concerned citizens horrified by today's economic and political malaise.' Servaas Storm, Delft University of Technology
'Lance Taylor's latest book delivers a comprehensive treatment of inequality in the USA since the beginning of the 1970s. Both specialists and the general public will benefit from Taylor's signature knack for intuitive analyses of complex numbers and theories. The book convincingly argues that wage suppression drives much of the observed rise in inequality, and is delivered in convincing fashion. It is a sober reminder that addressing challenges faced today requires profound institutional and social changes.' Codrina Rada, University of Utah