On debt-fueled consumption, rising inequality, education, and service sector pay
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Raghuram Rajan, the former IMF economist who was one of the first to finger banks' pay structure as a key cause of the financial crisis,(in Jan. '08) has an interesting essay out: How Inequality Fueled theCrisis (h/t Chait). In developed countries, only the educated can thrive in a global economy. Delivering effective, broad-based education reform is hard and slow; encouraging debt-fueled consumption is a readily available palliative. So politicians of both parties have turned to the latter:
On debt-fueled consumption, rising inequality, education, and service sector pay
On debt-fueled consumption, rising…
On debt-fueled consumption, rising inequality, education, and service sector pay
Raghuram Rajan, the former IMF economist who was one of the first to finger banks' pay structure as a key cause of the financial crisis,(in Jan. '08) has an interesting essay out: How Inequality Fueled theCrisis (h/t Chait). In developed countries, only the educated can thrive in a global economy. Delivering effective, broad-based education reform is hard and slow; encouraging debt-fueled consumption is a readily available palliative. So politicians of both parties have turned to the latter: