Issues on inequality are more and more discussed. These questions were not mentioned when I was a student in the 80’s. They à re now part of the economic discussion at the academic level and elsewhere. Angus Deaton and the Institute for Fiscal Studies (IFS) in the UK have launched a first report on inequality. It can be found here. Deaton gave a speech that explains all the diversity of the term inequality and its consequences.
The quote below is the last paragraph of his speech
“I think that people getting rich is a good thing, especially when it brings prosperity to others. But the other kind of getting rich, “taking” rather than “making,” rent-seeking rather than creating, enriching the few at the expense of the many, taking the free out of free markets, is making a mockery of democracy. In that world, inequality and misery are intimate companions.”
The speech from Angus Deaton launching the IFS report on inequality can be found here
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