Is Economics Promoting Inequality?
Kaushik Basu highlights the profession's role in the widening of wealth and income gaps around the world.
Mainstream economics has often underestimated the critical role of trust and cooperation in enabling prosperity.
As a result, it has justified and even encouraged the greed, exploitation, and extreme inequality that are eroding political accountability, contributing to rising nationalism, and undermining human well-being.
Amid soaring inequality, political leaders in many countries are cutting programs and services that benefit the poor, while stoking fear and anger against migrants and refugees.
Their noble-sounding intentions – safeguarding individual freedom, promoting prosperity, and protecting citizens – are often a fig leaf for a policy agenda designed to enrich themselves and their wealthy cronies.
This deterioration in the practice of politics can be attributed to many causes.
Author's summary: Economics plays a role in widening wealth gaps.
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