Source: A Nobel Prize-winning economist thinks we’re asking all the wrong questions about inequality
“Inequality is not the same thing as unfairness; and, to my mind, it is the latter that has incited so much political turmoil in the rich world today.”
What’s unfair
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Each year, the US wastes a trillion dollars ($8,000 per family) more than other wealthy nations on healthcare costs, with worse outcomes.
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Many industries, like tech, media, and healthcare, are now run by a few, large companies.
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Twenty percent of workers sign non-compete clauses, which prevent them from taking on side-hustles, reducing their incomes and bargaining power. What’s more, over half of non-union, privately employed Americans—some 60 million people—have signed mandatory arbitration agreements, which means they can never sue their employers.
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Companies are increasingly replacing full-time, salaried workers with contractors.
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As median wages have stagnated, corporate profits relative to GDP have grown 20% to 25%.
