PHM-Exch> New Blog Article: “The Failure of Economics in an Unequal World”

[David Woodward]

My second blog in The Broker’s Inequality Debate addresses the fundamental challenge to orthodox economics posed by extreme income inequality in the global economy.

“The assumption that each extra dollar provides the same increase in well-being at all levels of income is fundamental to economics; and yet this assumption appears wholly unfounded and counter-intuitive. In a relatively equal society, this might not matter very much. But in a world where 1.3 billion people below the $1.25-a-day line, with an average purchasing power of around $300 per person per year, must compete in an increasingly globalised market with 1,426 billionaires, with a combined net worth of more than $5,300,000,000,000, it matters very much indeed.”

You can find it at http://www.thebrokeronline.eu/Blogs/Inequality-debate/The-failure-of-economics-in-an-unequal-world

David Woodward

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