Who’s Who of Prominent Economists Say that Too Much Inequality Causes Economic Downturns Posted on February 23, 2013 by WashingtonsBlog Inequality Is Bad For the Economy
A who’s-who’s of prominent economists in government and academia have all said that runaway inequality can cause financial crises:
Robert Shiller Joseph Stiglitz Andrew Berg (IMF economist) Jonathan Ostry (IMF economist) Paul Krugman Robert Reich Mark Thoma Emmanuel Saez Thomas Piketty John Kenneth Galbraith Raghuram Rajan David Moss Kemal Dervi Michael Kumhof Romain Rancière Robert Wade David Ruccio Marriner S. Eccles (Federal Reserve chairman from 1934 to 1948) Indeed, extreme inequality helped cause the Great Depression, the current financial crisis … and the fall of the Roman Empire.
It’s not just liberal economists who say this … many conservatives say the same thing.