Posts Tagged ‘angus deaton’
Angus Deaton: Inequality Serious Threat
on Saturday, October 17, 2015Angus Deaton Money Quotation saying wealth inequality has a serious downside of threatening the well-being of everyone. Angus Deaton said:
“I think inequality has gone past the point where it’s helping us all get rich, and it’s really becoming a serious threat” — Angus Deaton
In this quote, Angus Deaton is expressing concern about rising economic inequality. He suggests that inequality has increased to a level where it is no longer contributing to overall societal prosperity, as some degree of inequality can through incentivizing innovation and growth. Instead, Deaton views extreme inequality as now becoming a “serious threat”.
He seems to believe that when wealth concentrates too much at the top, it can hold back broader economic opportunities and participation. Deaton appears to argue that current inequality has passed a point of optimal imbalance and started undermining shared growth, potentially through reduced social cohesion, political capture by elites, and lack of aggregate demand from middle/lower income groups.
The quote reflects Deaton’s view that inequality poses risks when taken to its furthest extremes in modern economies.
Angus Deaton: Congress Prefers Wealthy
on Friday, October 16, 20152015 Nobel Prize in Economics winner Angus Deaton Money Quote saying congressional bias lies firmly with wealthy campaign donors and opposed to preferences of poor voters. Angus Deaton said:
“Voting patterns in the US Congress… are very closely aligned with the preference of their wealthy constituents and not at all aligned with the preference of the poor constituents” — Angus Deaton
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In this quote, Angus Deaton is making an observation about the influence of wealth on political representation in the United States. He argues that the voting behavior of Congress tends to match the preferences of wealthy constituents much more so than the preferences of poorer citizens.
Deaton appears to be suggesting that as economic inequality has increased, so too has the disproportionate political power of affluent individuals and groups, as elected officials are more responsive to the views of their rich backers compared to less wealthy voters.
His view is that current voting patterns in Congress do not accurately reflect the will of all constituents equally, but instead correlate more closely with the policy stances favored by those of higher socioeconomic status.
Angus Deaton: Economic Inequality Threat
on Thursday, October 15, 2015As 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
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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.