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Approaching Equality

What Can Be Done About Wealth Inequality?

Roger A. McCain

Drawing on some recent research (especially that of Piketty and his associates) and on older ideas (particularly from Sir Arthur Lewis), Roger McCain proposes policies that, together, would aim to reverse the observed tendency towards the concentration of wealth in market economies, thus ‘approach equality.’ The shortcomings and dangers of rising wealth inequality are discussed, both from the point of view of increasing instability and of equalitarian values.
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Index

What Can Be Done About Wealth Inequality?

Roger A. McCain

ant and grasshopper example 3740
Atkinson, Sir Anthony 72, 77, 814, 102, 112, 116, 151, 154, 159, 199
auctioneer 556
austerity 5, 62
Baumol, William 1589
benefit corporation 17980
class compromise 116, 151, 153
codetermination 1757
community cooperative 1834
cooperative (solution in game theory) 166
corporations 60, 1626
cost disease 1589
creativity 192, 194
crony capitalism see plutocratic oligarchy
earned income tax credit 113
elasticity of substitution 712, 8595
employee stock ownership plan (ESOP) 1724
endowment, university 1617, 80
equalitarian values 258, 3648
equibeneficial 4047
externalities 13, 568, 1457
Fabian Society 1
Fourier, Charles 100
Friedman, Milton 64, 112
George, Henry 18
Greece 30
green taxes 57, 612, 65, 198
Hayek, Friedich 55, 191
health policy 1579
Hegel, G.W.F. 149
Higgins, Benjamin 75
human capital 68, 8691, 10612, 12435, 151, 156, 173
index mutual fund 52
innovation 1011, 192
insiders vs. outsiders 1767
Ireland 30
Kalecki, Michal 16, 90, 123
Keynes, John Maynard 29
Keynesian policy 5, 626, 138
Krugman, Paul 3031
laissez-faire 50
Lange, Oskar 55
Lewis, Sir Arthur 4954, 75, 1378, 164, 185, 200
Life-cycle 89, 33, 1035, 109, 111, 12235
liquidity constraint 1069, 171, 195
Malthus, Thomas Robert 5, 68, 70
Mankiw, Gregory 23, 57
market socialism 556
Marx, Karl (and Friedrich Engels) 1, 15, 68, 73, 100, 102, 105, 1489, 151
mileage-based user fees (MBUF) 1467
Mill, John Stuart 5, 60, 164, 166, 169
minimum wage regulation 11315
Mirrlees, James 18, 20, 76
Mises, Ludwig von 55
modal logic 1012, 1535, 157
moderation, great 5
Modigliani, Franco 9, 1036
More, Thomas 100
National Institutes of Health 1934
National Science Foundation 1934
need 15260, 179
negative income tax 112
net revenue, tax on 768
new class 190
not-for-profit corporations 1779
Nozick, Robert 27
Owen, Robert 100
patrimonial middle class 910, 97103, 10919, 135
Pigou, Arthur Cecil 15, 50, 104
Pigovian taxes 13, 578
Piketty, Thomas 5, 9, 1517, 2830, 34, 51, 61, 6873, 75, 80, 856, 102, 1036
Piketty curve 8890
Piketty mechanism 70, 80, 103, 116
plutocratic oligarchy 1314, 2021, 118
political sociology 116
possible worlds 101
prisoner’s dilemma 169
property rights 14
Quango 53, 1467, 1823, 198
rationality 2, 19, 21, 87, 1024, 108, 164, 169
Rawls, John 47
real estate investment trust (REIT) 52
real estate tax 79
recession of 2008 6
rent-seeking 1821
Ricardo, David 5, 68
risk premium 34
roads and highways 1457
Schulz, Theodore 1067, 11011, 121, 125, 156
Schumpeter, Joseph 5, 1012, 105, 199
Scitovszky, Tibor de 164
Scott Bader Commonwealth 184
secular stagnation 5, 325, 62
Small Business Administration 1946
Smith, Adam 5, 100
on corporations 60, 163
social endowment fund (SEF) 524, 63, 83, 9095, 113, 13844, 171, 186, 1968
social welfare function, Bergson-Samuelson 160, 197
solidarity cooperatives 18082
Solow, Robert 30
sound (government) finance 5153
Soviet-type economy 19092
Spain 30
Stiglitz, Joe 5, 1720, 28
Summers, Larry 5, 325, 71, 138
superfairness 39
surtax 64, 80
technological progress
and need 1578
market-guided 72, 82, 199
Thurow, Lester 74
Tobin, James 151
utilitarianism 25
utopia, utopian 12, 6, 73, 82, 97, 98103, 11618, 137, 16671, 183, 184, 189
value added tax (VAT) 768
Veblen, Thorstein 99, 105
Walras, Leon 55
wealth tax 13, 51, 6063, 7381, 9095, 99, 113, 14048, 185
workers’ cooperative 16671
works council 174