Income Inequality: Why It Matters and Why Most Economists Didn't Notice by Matth

Income Inequality by Matthew P. Drennan

Estimated delivery 3-12 business days

Format Hardcover

Condition Brand New

Description The first book-length treatment to conclusively demonstrate the link between income inequality and the 2008 financial crisis and Great Recession

Publisher Description

The first book-length treatment to conclusively demonstrate the link between income inequality and the 2008 financial crisis and Great RecessionPrevailing 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. 

Author Biography

Matthew P. Drennan is a visiting professor of urban planning at UCLA and an emeritus professor in the Department of City and Regional Planning at Cornell University. He lives in Los Angeles, CA.

Details ISBN 0300209584 ISBN-13 9780300209587 Title Income Inequality Author Matthew P. Drennan Format Hardcover Year 2015 Pages 168 Publisher Yale University Press GE_Item_ID:96426617; About Us

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