Income inequality :: why it matters and why most economists didn't notice /
Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive fac...
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1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
New Haven :
Yale University Press,
2015.
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Schlagworte: | |
Online-Zugang: | Volltext |
Zusammenfassung: | Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality. |
Beschreibung: | 1 online resource (160 pages) : illustrations |
Bibliographie: | Includes bibliographical references and index. |
ISBN: | 9780300216349 0300216343 |
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520 | 8 | |a Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality. | |
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author | Drennan, Matthew P., 1937- |
author_facet | Drennan, Matthew P., 1937- |
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contents | Trends in income distribution -- Possible causes of rising income inequality -- Consumers' shift to debt -- Panel regression analysis of state and national data -- Consumption theory and its critics -- Has this happened before? |
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spelling | Drennan, Matthew P., 1937- author. https://id.oclc.org/worldcat/entity/E39PCjyJvxcpbpQ8Q4k4JhjBRq Income inequality : why it matters and why most economists didn't notice / Matthew P. Drennan. New Haven : Yale University Press, 2015. ©2015 1 online resource (160 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier Includes bibliographical references and index. Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession. Offering an economic explanation of a phenomenon described by prominent observers including Thomas Piketty, Jacob Hacker, Robert Kuttner, Paul Krugman, and Joseph Stiglitz, Drennan's evenhanded analysis disproves dominant theories of consumption and draws much-needed attention to the persisting problem of income inequality. Print version record. Trends in income distribution -- Possible causes of rising income inequality -- Consumers' shift to debt -- Panel regression analysis of state and national data -- Consumption theory and its critics -- Has this happened before? Income distribution. http://id.loc.gov/authorities/subjects/sh85064765 Revenu Répartition. BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Income distribution fast Einkommensverteilung gnd http://d-nb.info/gnd/4013898-7 Ungleichheit gnd http://d-nb.info/gnd/4186884-5 Electronic book. has work: Income inequality (Text) https://id.oclc.org/worldcat/entity/E39PCGyjqvhDP9CYkTxfYwqmh3 https://id.oclc.org/worldcat/ontology/hasWork Print version: Drennan, Matthew P., 1937- Income inequality. New Haven ; London : Yale University Press, [2015] 9780300209587 (DLC) 2015940164 (OCoLC)910504184 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1088912 Volltext |
spellingShingle | Drennan, Matthew P., 1937- Income inequality : why it matters and why most economists didn't notice / Trends in income distribution -- Possible causes of rising income inequality -- Consumers' shift to debt -- Panel regression analysis of state and national data -- Consumption theory and its critics -- Has this happened before? Income distribution. http://id.loc.gov/authorities/subjects/sh85064765 Revenu Répartition. BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Income distribution fast Einkommensverteilung gnd http://d-nb.info/gnd/4013898-7 Ungleichheit gnd http://d-nb.info/gnd/4186884-5 |
subject_GND | http://id.loc.gov/authorities/subjects/sh85064765 http://d-nb.info/gnd/4013898-7 http://d-nb.info/gnd/4186884-5 |
title | Income inequality : why it matters and why most economists didn't notice / |
title_auth | Income inequality : why it matters and why most economists didn't notice / |
title_exact_search | Income inequality : why it matters and why most economists didn't notice / |
title_full | Income inequality : why it matters and why most economists didn't notice / Matthew P. Drennan. |
title_fullStr | Income inequality : why it matters and why most economists didn't notice / Matthew P. Drennan. |
title_full_unstemmed | Income inequality : why it matters and why most economists didn't notice / Matthew P. Drennan. |
title_short | Income inequality : |
title_sort | income inequality why it matters and why most economists didn t notice |
title_sub | why it matters and why most economists didn't notice / |
topic | Income distribution. http://id.loc.gov/authorities/subjects/sh85064765 Revenu Répartition. BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Income distribution fast Einkommensverteilung gnd http://d-nb.info/gnd/4013898-7 Ungleichheit gnd http://d-nb.info/gnd/4186884-5 |
topic_facet | Income distribution. Revenu Répartition. BUSINESS & ECONOMICS Economics General. BUSINESS & ECONOMICS Reference. Income distribution Einkommensverteilung Ungleichheit Electronic book. |
url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1088912 |
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