Income inequality [electronic resource] : why it matters and why most economists didn't notice / Matthew P. Drennan.
Drennan, Matthew P., 1937-
2015
HC79.I5 .D74 2015eb
Available Online

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Title Income inequality [electronic resource] : why it matters and why most economists didn't notice / Matthew P. Drennan.
Author Drennan, Matthew P., 1937-
ISBN 9780300216349 (electronic book)
0300216343 (electronic book)
9780300209587
0300209584
Published New Haven, Connecticut : Yale University Press 2015.
Language English
Description 1 online resource (xi, 155 pages) : illustrations
Call Number HC79.I5 .D74 2015eb
Dewey Decimal Classification 330
Summary Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality.
Note Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Description based on print version record.
Available in Other Form Income inequality.
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Trends in income distribution
Possible causes of rising income inequality
Consumers' shift to debt
Panel regression analysis of state and national data
Consumption theory and its critics
Has this happened before?

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