Economic Disparity: Addressing Inequality and Wealth

The Role of Economists vs. Sociologists

In "Dangerous Guesswork in Economic Policy," Steuer presents economists as objective advisors, arguing their superiority over business leaders in economic decision-making. Conversely, Kerr's "Wealth, Poverty and Enduring Inequality" emphasizes the social context and power dynamics surrounding wealth, advocating for sociological research on the wealthy.

Neoclassical Economics vs. Interdisciplinary Approaches

Steuer embraces neoclassical economics, highlighting its foundations in scientific inquiry. However, he acknowledges alternative economic theories, while Kerr leans towards an interdisciplinary approach, drawing from history, political economy, and sociological studies.

Addressing Extreme Inequality

Both authors recognize the pressing problem of extreme inequality. Steuer presents economic policies to mitigate these disparities, focusing on income distribution and taxation, while Kerr suggests shifting the focus to wealth concentration itself and advocating policy interventions to limit extreme wealth.

The Scrutiny of the Rich and the Poor

Kerr challenges the disproportionate scrutiny faced by the poor, highlighting their punishment and surveillance in contrast to the social acceptance and lack of accountability faced by the wealthy. She argues that monitoring the rich and holding them accountable is crucial to understanding and addressing inequality.

"Wealtherty" vs. Poverty

Kerr introduces "wealtherty" as a neologism to describe the current state characterized by wealth concentration and its influence on society. She argues against solely focusing on poverty, instead proposing a socio-economic analysis that examines the relationship between wealth and poverty.

The Importance of Evidence-Based Decision-Making

Steuer emphasizes the significance of evidence-based economic policy, contrasting it with popular guesswork and conspiracies. He calls for reasoned arguments and data-driven solutions to ensure a just society.

Critical Conversations on Inequality

In a world where the disparity between the wealthy and the poor is becoming increasingly apparent, Steuer and Kerr's books provide timely and necessary insights. They urge us to question economic inequality, challenge wealth concentration, and work towards creating more just and equitable societies.

Note

This review represents the author's views and not those of LSE Review of Books or the London School of Economics and Political Science.