Tag Archives: poverty

We know there’s a housing crisis – but why is it so much worse for black families?


Shineade Sey is about to move. After three years in a flat in south-east London, she is selling up and buying a house with her partner. Sey, who is half Jamaican and half Ghanaian, says she is lucky – when her former employer was bought out she got a payment that meant she was able to buy her first home. “Without that, I would probably still be saving now,” she says. While her white friends had already bought by the time she could afford to, she was among the first of her friends of black descent. “Their parents weren’t […]

Inequality is getting so bad even Wall Street is starting to pay attention

Gordon Gekko

20th Century Fox It’s a sign of just how extreme US and global wealth inequality has become that even the folks on the winning side of the class war are starting to worry about it.

Citi Research has released a new in-depth report on inequality, its causes and potential solutions alongside Oxford University’s Martin School.

The report’s emphasis on "why inequality matters" is especially striking, because it reflects a widespread shift in American discourse about the issue following the Great Recession and financial crisis of 2007-2009.Before then, the issue of inequality was largely ignored by much of the economics profession, […]

Inequality is getting so bad even Wall Street is starting to pay attention

Gordon Gekko

20th Century Fox It’s a sign of just how extreme US and global wealth inequality has become that even the folks on the winning side of the class war are starting to worry about it.

Citi Research has released a new in-depth report on inequality, its causes and potential solutions alongside Oxford University’s Martin School.

The report’s emphasis on "why inequality matters" is especially striking, because it reflects a widespread shift in American discourse about the issue following the Great Recession and financial crisis of 2007-2009.Before then, the issue of inequality was largely ignored by much of the economics profession, […]

Stable middle-class in SA may be smaller than thought, study shows

Falling short: More and more black Africans are joining SA’s middle class, of which they make up half, but they are still underrepresented in terms of the percentage of the overall population who are black. Race remains a strong predicter of chronic and transient poverty. Picture: ISTOCK

Falling short: More and more black Africans are joining SA’s middle class, of which they make up half, but they are still underrepresented in terms of the percentage of the overall population who are black. Race remains a strong predicter of chronic and transient poverty. Picture: ISTOCK Until recently, SA’s emerging black middle class was hailed as the sign of a new, deracialised postapartheid economy. But research shows the stable middle class may be much smaller than previously thought.

Statistics SA has found that 55% of South Africans are poor, unable to meet their most basic needs. This means only […]

The Difficult Art Of Being A Feminist In An Economics Classroom

economics

As an Economics major, I have gotten dangerously accustomed to hearing phrases like:

“Government intervention will hinder technological progress; the reallocation of resources from the more productive to the less productive impedes total productive activity.”

“We need to stop protecting people, we need to protect jobs instead” In themselves, the two statements above make for good arguments. If more resources are provided to the less productive, the economy will undergo a decline in productivity which means a decline in economic growth, which sounds bad, right?If workers keep agitating by demanding reasonable wages and the right to work with […]

New Study: Education Is Important, But It Is Not the Key to Economic and Social Mobility

Rachel M. Cohen writes in The Atlantic about a new study by Jesse Rothstein, showing that education is important but it is not the key to economic and social mobility.

She writes:

“A new working paper authored by the UC Berkeley economist Jesse Rothstein builds on that research, in part by zeroing in on one of those five factors: schools. The idea that school quality would be an important element for intergenerational mobility—essentially a child’s likelihood that they will one day outearn their parents—seems intuitive: Leaders regularly stress that the best way to rise up the income ladder is to go […]

Education Isn’t the Key to a Good Income

A man climbs a ladder.

One of the most commonly taught stories American schoolchildren learn is that of Ragged Dick, Horatio Alger’s 19th-century tale of a poor, ambitious teenaged boy in New York City who works hard and eventually secures himself a respectable, middle-class life. This “rags to riches” tale embodies one of America’s most sacred narratives: that no matter who you are, what your parents do, or where you grow up, with enough education and hard work, you too can rise the economic ladder.

A body of research has since emerged to challenge this national story, casting the United States not as a meritocracy […]

How Inequality Became the Big Issue Troubling the World’s Top Economists


After a riveting keynote speech from Neil McInroy at this year’s Global Street Paper Summit, it is clear that social inequality is becoming a greater focus for economists. In a recent feature for The Conversation, Steve Schifferes, professor of financial journalism at the University of London, takes a deeper look at why social issues are increasingly being viewed as an economic problem.

Every three years, all Nobel Prize winners in economics are invited to gather in the tranquil setting of the German island of Lindau to meet a selection of bright young economists and discuss the state of their […]

Socioeconomic mobility in the United States


Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to socioeconomic mobility, and the advertisement appealed to Americans’ belief in the possibility of self-betterment as well as threatening the consequences of downward mobility in the great income inequality existing during the Industrial Revolution .

Socioeconomic mobility in the United States refers to the upward or downward movement of Americans from one social class or economic level to another, [1] through job changes, inheritance, marriage, connections, tax changes, innovation, illegal activities, hard work, lobbying, luck, health […]

It’s the German Economy Stupid! Economic Inequality not immigration explains the rise of the far right in Germany

Alice Weidel and Alexander Gauland, co-leaders of Alternative for Germany, celebrate

Alice Weidel and Alexander Gauland, co-leaders of Alternative for Germany, celebrate their victory The surprise showing of the far-right nationalist party, Alternativ fuer Deutschland (AfD) in Sunday’s German election has struck fear in the hearts of many analysts. Is Germany’s liberal democracy and society simply a thin veneer covering the monster of virulent nationalism that has long been crouching in the dark, waiting for its chance to attack? Are AfD voters really Nazis in disguise who have finally found a way to gain respectability by riding the wave of far right, populist, nationalist , and Trumpian alt-right sentiment which […]