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  3. Vol 5 No 3 (2024): December
  4. Book Review

Income Inequality: A Journey of 200 Years of Economic Thought

  • Nurkholisoh Ibnu Aman University of Edinburgh Business School, United Kingdom
https://doi.org/10.46456/jisdep.v5i3.541

Abstract

The phrase "the rich get richer, and the poor get poorer" encapsulates a phenomenon that has long plagued societies worldwide. Most recently, Riddell et al. (2024) showed that, since 2020, the five richest men in the world have doubled their fortunes. At the same time, almost five billion people have seen their wealth fall. It further argued that corporations and its monopoly power are responsible for driving this unrelenting income inequality. This trend is confirmed by Chen et al. (2019) through an investigation into nearly 1 million firms covering 27 countries. Between 2000 - 2015, there has been a notable increase in corporate market power, especially in advanced economies.

However, there is no easy solution because inequality is deeply rooted in numerous historical, political, and socioeconomic factors. Therefore, it is imperative to look beyond numbers to understand inequality better.

In "Visions of Inequality: From the French Revolution to the End of the Cold War," veteran economist Branko Milanovic takes readers on a journey through the 200-year evolution of economic thought on income inequality. He achieved it by drawing from a diverse source, including original writings, correspondence, and biographical accounts of luminaries in the economics discipline.


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References

Boyce, J. K. (1994). Inequality as a cause of environmental degradation. Ecological Economics, 11, 169–178.

Bruckner, B., Hubacek, K., Shan, Y., Zhong, H., & Feng, K. (2022). Impacts of poverty alleviation on national and global carbon emissions. Nature Sustainability, 5, 311–320. https://doi.org/10.1038/s41893-021-00842-z

Chen, W., Diez, F., Duval, R., Jones, C., & Villegas-Sanchez, C. (2019). World economic outlook, growth slowdown, precarious recovery. International Monetary Fund, April, 55–76.

Georgieva, K. (2024). AI will transform the global economy. Let’s make sure it benefits humanity. International Monetary Fund Blog, January 14, 2024.

Milanovic, B. (2023). Visions of inequality: From the French Revolution to the end of the Cold War. Cambridge: Harvard University Press.

Piketty, T., & Goldhammer, A. (2014). Capital in the twenty-first century. Cambridge, Massachusetts: Harvard University Press.

Riddell, R., Ahmed, N., Maitland, A., Lawson, M., & Taneja, A. (2024). Inequality Inc. How corporate power divides our world and the need for a new era of public action. https://doi.org/10.21201/2024.000007

Rizky, M., Suryadarma, D., & Suryahadi, A. (2019). Effect of growing up poor on labor market outcomes: Evidence from Indonesia. ADB Institute Working Paper, 1002.

Wilkinson, R., & Pickett, K. (2009). The spirit level: Why greater equality makes society stronger. New York: Bloomsbury.


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Published
2024-12-30
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AmanN. I. (2024). Income Inequality: A Journey of 200 Years of Economic Thought. The Journal of Indonesia Sustainable Development Planning, 5(3), 278-282. https://doi.org/10.46456/jisdep.v5i3.541

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Vol 5 No 3 (2024): December
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Book Review
 
 

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