Tag Archives: wealth

The return of India’s super rich

What distinguishes India is the pace of decline and resurgence of wealth concentration. Photo: Mint

What distinguishes India is the pace of decline and resurgence of wealth concentration. Photo: Mint A flurry of estimates regarding Indian inequality have captured public interest recently. Whether one believes the wealth inequality numbers presented by Credit Suisse or the distributional income accounts by Lucas Chancel and Thomas Piketty, evidence seems to state that India has high economic disparities. But inequality is to be expected in a developing economy with a largely informal labour force, turbulent capital markets and unequal access to education.

In order to fully understand the direction of wealth and income concentration, we need to assess long-run […]

How She Lost


Shattered: Inside Hillary Clinton’s Doomed Campaign
Amie Parnes and Jonathan Allen
Penguin

This article appears in the Fall 2017 issue of The American Prospect magazine. Subscribe here . Hillary Clinton’s tragic 2016 campaign faced withering criticism in the press, social media, and now, in Jonathan Allen and Amie Parnes’s inside account, Shattered . From my vantage point as lead pollster for the Democratic nominees in 1992 and 2000, part of the closing clutch of pollsters in 2004, and invited noodge in 2016, I have little quarrel with the harshest of these criticisms. Malpractice and arrogance contributed mightily […]

Bridging the Gap: How AFCPE Professionals Can Help Close the Racial Wealth Divide


Coauthored with Rebecca Wiggins, Executive Director, Association for Financial Counseling & Planning Education

Research shows that the average wealth of White families has grown 84% over the past 30 years, which is 1.2 times the rate of growth for Latino households, and three times the rate for Black households. It is projected that by the year 2043 when people of color will become the majority of the population, the wealth divide will have doubled from $500,000 in 2013 to over $1 million ( Prosperity Now (formerly known as CFED, Institute for Policy Studies , 2016).

By this measure, it […]

We’ve hit peak injustice: a world without borders, but only for the super-rich


In our regression from liberal aspiration to the brutal realities of Trump and Brexit, one of the nirvanas set aside has been the notion of a world without borders. “ America first ,” says the president. “Britain first and always,” chant the Brexiters. The majority demand is for migration curbs in principle, even if they are unlikely to be achieved in practice. The global village will be refashioned with barbed-wire fencing. And yet in this, as in most things, money talks.

From a list of names leaked to the Guardian, we now know that the Cypriot government has raised more […]

Foss: We need a better system for evaluating colleges

Foss: We need a better system for evaluating colleges

The Skidmore College campus in April. I remember paying close attention to the U.S. News and World Report’s annual college rankings when I was in high school.

Along with the Fiske Guide to Colleges and a few other resources, I considered the rankings a valuable resource — a way to learn more about the colleges that interested me and better understand how they were perceived by the outside world.

In retrospect, all this agonizing over college applications seems a little silly.I enjoyed the liberal arts college experience, but I now know there are plenty of other ways to prepare for life […]

Mitra ’18: Stop reading college rankings

Over the years, people have attributed the economic inequality in higher education to a variety of conditions: the advantage given to legacy students, the lack of extensive and well-communicated financial aid opportunities and the altogether inscrutable college admissions process. Now, a new factor has been thrown into the mix: the college ranking system.

University rankings have long been criticized for being opaque, inaccurate and reductive. But these lists — particularly the recently released U.S. News and World Report College Rankings — have far greater implications for the higher education landscape than simply misleading high school seniors. According to a new […]

Set priorities to bridge inequalities

Set priorities to bridge inequalities

Opinion » Comment

Scandinavian economies are an outstanding example of how market economics need not necessarily worsen income inequalities. While absolute poverty has reduced in India, relative inequality has worsened. PTI Mythili Bhusnurmath

Thomas Piketty’s book, Capital in the 21st Century, highlighting growing income and wealth inequalities, might have made waves in the West when the first English translation appeared in 2014. But it received scant attention in India. However, Piketty’s new paper, Income inequality, 1922-2014: From British Raj to Billionaire Raj?, co-authored with Lucas Chancel, has more than made up for that. Perhaps, it is the catchy title. […]

A fascinating result from China about economic mobility


As we all know the Chinese communist revolution entirely appropriated all private wealth. As we all also know it has been possible once again, for these past few decades, to make private wealth again. We’ve thus a good test of that old question, is it simply happenstance that some people have more wealth than others or not?

That is, once the redistribution has happened do we get the same old people accumulating the wealth again or is it some completely different group that then prospers? A claim at least of an answer out of China :

Virtually every Chinese millionaire or […]

The Hoarding of the American Dream

There’s a certain type of financial confessional that has had a way of going viral in the post-recession era. The University of Chicago law professor complaining his family was barely keeping their heads above water on $250,000 a year . This hypothetical family of three in San Francisco making $200,000, enjoying vacations to Maui, and living hand-to-mouth. This real New York couple making six figures and merely “ scraping by .”

In all of these viral posts, denizens of the upper-middle class were attempting to make the case for their middle class-ness. Taxes are expensive. Cities are expensive. Tuition is […]

Essays on income inequality poverty and mobility

essays on income inequality poverty and mobility

In 1965, the average salary for a CEO of a major informative essay mla format U."No person, I think, ever saw a herd of buffalo, of which a few were fat and the great majority lean … "Why the "Rich" Can Get Richer Faster than the "Poor"" National Center for Policy Analysis. Of the Ten Principles of Economics, two of them come into play here.There exist many factors which are assumed to drive income inequality: discrimination, social differentiation, the impact of geographic location and neighborhood, etc.- Does social mobility in our contemporary American society really exist.Through the availability of […]