NYT: Income Inequality -- Too Big to Ignore
In an article by Robert H. Frank, economics professor at the Johnson Graduate School of Management at Cornell University, titled " Income Inequality: Too Big to Ignore" and published in The New York Times, Mr. Frank addresses and analyzes the issue of income inequality and its effect on the well being of the world economies. While some philosophers address inequality through principles of justice and fairness, from the economic standpoint, the countries where income inequality grew fastest showed the biggest increases in symptoms of financial distress, which could be evidenced in increases in bankruptcy filings, higher divorce rates and personal financial distress. On the other hand, there is no persuasive evidence that greater inequality bolsters economic growth or enhances anyone's well being.
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