02 May 2012

Defending Inequality

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The Times talks to one of Mitt Romney’s partners at Bain who has written a book explaining the vital role of inequality of result in providing the funding that makes innovation and economic growth possible.

[Edward] Conard, who retired a few years ago at 51, is not merely a member of the 1 percent. He’s a member of the 0.1 percent. His wealth is most likely in the hundreds of millions; he lives in an Upper East Side town house just off Fifth Avenue; and he is one of the largest donors to his old boss and friend, Mitt Romney.

Unlike his former colleagues, Conard wants to have an open conversation about wealth. He has spent the last four years writing a book that he hopes will forever change the way we view the superrich’s role in our society. Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong to be published in hardcover next month by Portfolio, aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off. This could be the most hated book of the year.

This is a must-read story.

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One Feedback on "Defending Inequality"

SDD

Growing inequality of income is a myth. There is no evidence that individual incomes are growing more unequal. Only incomes at the household level are less equal, and that is purely an artifact of the way people choose to organize themselves into households.
http://econocentric.blogspot.com/2012/04/myth-of-growing-income-equality.html



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