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Stiglitz on the Price of Inequality

“Inequality leads to lower growth and less efficiency. Lack of opportunity means that its most valuable asset — its people — is not being fully used. Many at the bottom, or even in the middle, are not living up to their potential, because the rich, needing few public services and worried that a strong government might redistribute income, use their political influence to cut taxes and curtail government spending. This leads to underinvestment in infrastructure, education and technology, impeding the engines of growth. . . . Most importantly, America’s inequality is undermining its values and identity.
- Joseph Stiglitz, quoted in Separate and Unequal: ‘The Price of Inequality,’ by Joseph E. Stiglitz by Thomas Edsall, NYT, Aug. 3, 2012




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