Two clips . . . on inequality, the threat of deflation, and more:
RAPPING ABOUT INEQUALITY IN CHINA . . . IN CHINA
How cool is this young American macroeconomic rap sensation in China? My pal Paul Solman reports for the PBS Newshour. The question in China is the same as here: how do we better deal with economic inequality? Whatever happened to an economy where anyone who worked hard could secure a place in the middle class? (We could have that again: stop blocking a higher minimum wage; stop trying to kill collective bargaining; stop blocking our terribly overdue infrastructure revitalization that should be funded largely by a slightly more progressive income tax and/or a carbon tax.)
RAPPING ABOUT INEQUALITY HERE (AND OTHER STUFF) . . . LARRY SUMMERS
Larry Summers’ shares his macroeconomic view with Charlie Rose. He wasn’t the most deft when, as President of Harvard, he expressed his views on women’s innate aptitude for science. (He had just been trying to provoke discussion, I think he later explained.) But he’s one of the world’s sharpest economic minds — and his heart is in the right place. His current thinking yours for 18 minutes without your having to spend $30,000 to attend Davos.
Quote of the Day
The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.~Adam Smith, The Wealth Of Nations
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