Robert Solow in Conversation with Paul Krugman: "Inequality: What Can Be Done?"

Great. Maybe in two generations we can get back to where we were a century ago. How inspiring.

Thank you for this ❤

Have the moderator move closer to the mic. She's nearly inaudible. Turning up the sound in general would be a good idea. Maybe it's just my PC, but I had to have the volume nearly maximized in order to hear anything.

Any book on Inequality that goes beyond "theory" and "discussion" and purposes action, is a welcome change (even if that action were in-action). We're starting to feel it has become a bit like racism, in that the more we go on about it, the more energy we feed it, and the worse it gets. What if we stopped thinking of having "things" or of being more equal as defined by those terms, and focus instead on over coming what we think is an innate desire for over accumulation? I think we might find it isn't (innate that is).

Our economy is said to be doing well --- but only if if you look at the stock market, which is wealth held by a small wealthy share of the population. Unemployment figures suggest low unemployment -- but only if you look at those figures and ignore all the unemployed that are not on the rolls and looking for work, the actual numbers of unemployed people. The national deficit is huge and rising, but PK has said for a long time that deficits dont matter- we can just print more money! but rising debt payments eat up the annual budget and thus debt reduces the cash available for social needs like health care and drives even further borrowing that undermines society.

only Samuelson is missing from the panel.

Creating a new billion dollars in purchasing power in the hands of the poorest could do miracles to the economy. Also for the benefit of the libertarians who may scream that it is not fair and the .01% that they adore also be given  an equal amount to those at the bottom,  not to worry since that billion dollars eventually will trickle up to the pockets of the .01% since they own all oligopolies that sell the poor things if  not through corporate welfare given to the .01% by the government they own.

Where do these guys teach again? Just who do they think they are teaching?

But even service jobs can now be outsourced

At about 48min, Rober Solow explained that most legislators, even a lot of democrats, prefer and expect businesses to resolve the inequality issue by paying people at the top less (not by paying those at the bottom more). Effectively, they expect executives to cut their own salaries for the common good. If such legislators are earnest, then they are clearly too stupid for office.

talent and perseverance decide success in life, but there should be equal opportunity, that is, equal starting points; with socialism/communism, the commissars decide all; have freedom while keeping an eye on the very rich.

I agree excess inequality is a problem. The rich buy political power, for example. This leads to something that could be called neo-feudalism. Cumulative wealth by inheritance is unjust and should be disallowed. Attempt to dismantle a system based on it is the real reason for the French Revolution. Money of a dying person should be fully confiscated by the government an redirected to public and free education and health. But, at 9:03 the guy says that people that believe that we should guarantee equality of opportunity, but not equality of outcome, are phonies. Further, he says at 9:59 he says that in unequal society cannot have equal opportunity.  This maybe unfortunate and perhaps society could and should make sure it is fairly minimized, but there is no way you can make functioning society that is perfectly equal. Those that think that are fools.

During the WWII US economy was booming because everyone was contributing and inequality was at the lowest, society was functioning optimally. Until, Ronald Reagan became president, reducing the tax rate on the richest by nearly 2/3; started a long march towards inequality til today. Stalled growth, homelessness and starvation are signs of extreme inequality. With a larger portion of our population striving to feed and house themselves, not contributing to development, our society operates suboptimally.

Cumulative tax... interesting...

Chad Solow and Virgin Krugman

There always seems to be a pendulum movement in economics and maintaining a healthy swing keeps the economic system in Check. There will always be inequality but once this inequality starts destroying the dignity of the poor then we should re look at our economic theories.The eco system has hugely favorited very few and we should incentivize that few to attain their growth by uplifting many less fortunate. Perhaps we measure wealth in too narrowly as meaning money rather than uplifting your fellow man.

Listen, if economic rent explains why inequality is becoming increasingly large, entrenched and systemic, why don’t we just tax rent and then use the income to fund a sane and logical welfare state? Tax land rent at close to 100%, tax or control all monopolies, use the money for decent public healthcare, decent public education, unemployment benefits, old age and disability pensions and then if anything is left pay a citizen’s dividend. I think that’s the way to go.

Kruman is Nuts. Firstly believing the threat of Aliens invading would solve problems in the economy and secondly by saying " The idea of something like equal dignity even though, yes some people, no one expects exact equality or anything close to it, but the idea that everyone feels correctly that they are being treated as a person of equal worth with other people" and extreme inequality is inconsistent with that". Who feels they are being treated as a person of equal worth when they have been frugal, worked harder and for longer than others and are getting less or equal reward for it compared to someone else who has contributed considerably less and an economist tells them that some enforced equality will make things better so those with more have to subsidize those with less because he believes that is better despite his own income being massively higher than the average person.

Why beat around the bush?? In order to truly control inequality, We need wage control from the bottom to the top. We need to replace private banking with publicly owned banking. We need to make credit lines available to everyone when they become adults, and tie taxes paid in with repayment of credit lines. Allow everyone to have an equal grant to guarantee college or trade school opportunities. Money is created from nothing as a convenient means of exchange to benefit society as a whole, so let's talk and act like it already!

"END THIS DEPRESSION NOW " TALKS ABOUT LESS EXPENSES OF HAVING THE EURO AS OPPOSED TO INDIVIDUAL CURRENCIES . PERHAPS WHILE WE HAVE THE QUEEN OVER HERE WE COULD ESTABLISH A SINGULAR CURRENCY BETWEEN US & CANADA....... PWW PS OF COURSE , THE US COULD DESPERATELY USE THE BETTER EDUCATIONAL SYSTEM OF CANADA'S TO BRING UP OUR AVERAGES IN ACADEMICS IF WE MERGED WITH CANADA . POOR CANADA , I BET THEY DON.T WANT TO .