Economic Inequality In The 1970's

The 1970’s was time of great change in american politics. The hyperconcentration of rewards at the top (winner-take-all economy) is the defining feature of the post 1970’s economy. Most growth since the later 1970s has gone to the richest Americans. The statistic that the authors use to prove this is that “If the economy grew at the same right as it did but if the inequality had not increased, then the average income of households would be $12,000 higher” (24). Since 1980, America has moved away from the mixed-economy cluster and traveled towards the capitalist oligarchies (4). The authors use the study of Thomas Piketty and Emmanuel Saez to prove the growth of economic inequality. their evidence shows that the economy has become favorable