Piketty, T. (2014). Capital in the Twenty-first Century. Harvard University Press. Introduction.
Glaeser, Edward L., “Inequality Links to an external site.”, in The Oxford Handbook of Political Economy (2008)
mass warfare and the demand for progressive taxati
international organization
Written for
Universiteit van Amsterdam (UvA)
Politicologie
Political economy (73220020FY)
All documents for this subject (39)
Seller
Follow
petrosyandania
Content preview
Political Economy
September 18, 2023
Lecture 5: Inequality and Redistribution
Capital – Thomas Piketty
Ricardo: Principle of Scarcity
- Certain prices might rise ot an extremly high level over the time and cause destabilization
of the whole society.
- Principle of Scarcity is very important in 21st century for understanding global
distribution of wealth.
Marx: principle of Infinite Accumulation
Lecture
Origins of Inequality
- Equality was not widely used in politics before enlightment.
- Levellers – critics and social movements advocating republics during the English Civil
War, goal – abolish feudalism and introduce peasant socialism.
- Early indigenus American critiques of European society in terms of freedom, community,
mutual aid.
- Sagard’s claim: advocating a “leveling equality” among Europeans similar to the Wendat.
Adam Smith on Inequality
- Wherever there is great property, there is great inequality.
- Through history, ex., freedom and democracy come or go, but material wealth has
steadily increased.
- Great inequalities are morally deleterious for the very wealthy
o Praises the effects of greter wealth and freedom on workers and the necessity of
compeition on merchants and manufacturers
- Unequal wealth has contradictory effects on the poor
Marx on Inequality
- Greater inequalities of power and wealth are usually connected.
- Differentials in wealth distribution are often the result of class struggle, which the state is
part of. As a general rule, when capitalism win inequality increases and when workers
win it dicreases.
Neo-Classical Economists on Inequality
- Markets enable mutual advantageous exchange and efficient allocation of resources.
- Production of greatest good for the greatest number
What is inequality?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller petrosyandania. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.67. You're not tied to anything after your purchase.
