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You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
We know too little about global wealth dynamics, so we need international transmission of bank information.
I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
When inequality gets too extreme, then it becomes useless for growth, and it can even become bad because it tends to lead to high perpetuation of inequality over time and low mobility.
Having a decent share of the national wealth for the middle class is not bad for growth. It is actually useful both for equity and efficiency reasons.
'Das Kapital,' I think, is very difficult to read, and for me, it was not very influential.
The United States could transform its property tax system into a progressive tax on net worth without asking permission to the rest of the world.
I loved American universities. In many ways, they are better organized - certainly than French universities.
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don't know very much in economics.
The U.S. is the country that invented progressive taxation of income and of inherited wealth in the 1910s and '20s.
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Today's Quote
When I was growing in the Callope project, we had an oval parkway. Pavement ran around this whole thing. We'd...
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मेरी फकीरी में भी अमीरी का जो जूनून झलकता है यारो,
ये वो खानदानी दौलत है जो , सिर्फ खून...
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क्लास में बच्चे शोर मचा रहे थे और टीचर गायब थे।
मोदी : बच्चों तुम्हारे टीचर कहाँ हैं?
बच्चे :...
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I’ve always said it: God changes all the paths from morning to evening.
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