Angus Deaton: Economic Inequality Threat

Posted by admin on Thursday, October 15, 2015

As winner of the Nobel Prize in Economics in 2015, Angus Deaton political Money Quote saying that unfairness in wealth distribution leads to threatened democracy. Angus Deaton said:
 

 

“The political equality that is required by democracy is always under threat from economic inequality, and the more extreme the economic inequality, the greater the threat to democracy” — Angus Deaton

 

 

In this quote, Angus Deaton is discussing the relationship between economic inequality and democracy. He argues that as economic inequality grows more extreme in a society, it poses a greater threat to the political equality required by a democratic system of government. Deaton’s view is that concentrated wealth in fewer hands allows those individuals and groups to gain disproportionate political influence through campaign financing and lobbying.

This can undermine the principle of one person, one vote if money translates to louder voices in policymaking. The quote suggests Deaton believes extreme inequality undermines fair representation and the ability of average citizens to have their interests properly reflected in a democratic process dominated by elite economic interests.

He sees reducing inequality as important for protecting democratic values of equal participation, representation and decision making power.

Categories: fairness Tagged:angus deatoneconomicinequality