When it comes to the economy, it's often said that “a rising tide lifts all boats.” Yet most economists have been confounded by the failure of recent productivity gains to significantly raise the incomes for the majority of American workers.
At this special event, a presentation of the Next Social Contract Initiative at the New America Foundation, MIT economists Frank Levy and Peter Temin presented their new paper “Inequality and Institutions in 20th Century America,” which explores the dynamics of widening income inequality in the second half of the twentieth century. Based on groundbreaking research, they propose a novel history of inequality which focuses on how economic outcomes are shaped by the interplay of economic institutions. Their argument takes into account a range of policy levers, as they consider how the changing influence of collective bargaining, wage policy, and taxation tipped the balance of compensation in the U.S. economy in a manner that severs the traditional relationship between productivity gains and widespread wage increases. Following their presentation, Michael Lind and Maya MacGuineas of the New America Foundation offered their own perspectives on the factors contributing to these trends. Join us for a stimulating discussion of Levy and Temin's thesis and its policy implications.When it comes to the economy, it's often said that “a rising tide lifts all boats.” Yet most economists have been confounded by the fail...all »When it comes to the economy, it's often said that “a rising tide lifts all boats.” Yet most economists have been confounded by the failure of recent productivity gains to significantly raise the incomes for the majority of American workers.
At this special event, a presentation of the Next Social Contract Initiative at the New America Foundation, MIT economists Frank Levy and Peter Temin presented their new paper “Inequality and Institutions in 20th Century America,” which explores the dynamics of widening income inequality in the second half of the twentieth century. Based on groundbreaking research, they propose a novel history of inequality which focuses on how economic outcomes are shaped by the interplay of economic institutions. Their argument takes into account a range of policy levers, as they consider how the changing influence of collective bargaining, wage policy, and taxation tipped the balance of compensation in the U.S. economy in a manner that severs the traditional relationship between productivity gains and widespread wage increases. Following their presentation, Michael Lind and Maya MacGuineas of the New America Foundation offered their own perspectives on the factors contributing to these trends. Join us for a stimulating discussion of Levy and Temin's thesis and its policy implications.«
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