An interview with Nobel prize-winning economist Joseph Stiglitz on the rise of inequality, particularly in the US, but also in many other rich countries. This has been reflected in stagnant or falling wages for lower and middle income earners, and soaring incomes and wealth at the very top of society.
Stiglitz debunks ‘trickle-down economics‘ and calls for relatively radical changes in the way capitalism in the US and elsewhere is structured. He is an economist of the centre-left, and in recent years has become increasingly critical of the mainstream economics which he himself has contributed towards during his career. He sees as vital changes in the power structure of society in order to reduce inequality and increase economic efficiency. The two can go together and this is refreshing to hear.