In: Uncategorized9 Dec 2014
In the light of today’s publication of a report by the Organisation for Economic Co-operation and Development (OECD), a rich country think tank, my spiked essay on inequality is worth rereading. The OECD broadly argues that high and rising inequality damages economic growth whereas I contend that, if anything, causality runs in the other direction. In other words rising inequality in the developed world is in my view a symptom, rather than a cause, of economic weakness.
It is worth noting that much of the media coverage on the OECD study overstates the certainty of its conclusions. The headlines of the report are simply being used to confirm the pre-conceptions of the anti-inequality brigade.
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