- Min Zhu
- Min Zhu
- Published Date:
- September 2012
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BergA. G. andJ. D.Ostry2011 “Inequality and Unsustainable Growth: Two Sides of the Same Coin,” IMF Staff Discussion Note 11/08 (Washington: International Monetary Fund). Available via the Internet: http://www.imf.org/external/pubs/ft/sdn/2011/sdnl 108.pdf.
DasguptaP. andJ. E.Stiglitz1977 “Tariffs versus Quotas as Revenue Raising Devices under Uncertainty,” American Economic Review Vol. 67 No. 5 pp. 975-81.
DynanK. E.J.Skinner andS. P.Zeldes2004 “Do the Rich Save More?” Journal of Political Economy Vol. 112 No. 2 pp. 397-444.
FitoussiJ.-RA.Sen andJ. E.Stiglitz eds. 2010Mismeasuring Our Lives: Why GDP Doesn’t Add Up (New York: New Press).
NewberyD. andJ. E.Stiglitz1984 “Pareto Inferior Trade,” Review of Economic Studies Vol. 51 No. 1 pp. 1-12.
StiglitzJ. E.2008 “Capital Market Liberalization, Globalization, and the IMF,” in Capital Market Liberalization and Development ed. by J. E.Stiglitz andJ. A.Ocampo (New York: Oxford University Press) pp. 76-100.
Josette Sheeran is Executive Director, United Nations World Food Programme. Adapted from remarks made at a seminar, “Commodity Price Volatility and Inclusive Growth in Low-income Countries,” held at the Annual Meetings of the World Bank Group and the International Monetary Fund in September 2011.
The G-20 is an informal group of 20 major economies (19 countries plus the European Union) and representatives from the International Monetary Fund and the World Bank. Central bank governors and finance ministers of the G-20 have met yearly since 1999, and chiefs of state and heads of governments (G-20 summits) since 2008.
Joseph E. Stiglitz is a professor at Columbia University and recipient of the 2001 Nobel Prize in Economics. Adapted from remarks made at a seminar, “Commodity Price Volatility and Inclusive Growth in Low-lncome Countries,” held at the Annual Meetings of the World Bank Group and the International Monetary Fund in September 2011.
For more information, see Table H-9 of the U.S. Census historical tables, available at http://www.census.gov/hhes/www/income/data/historical/household/index.html.
Dominique Strauss-Kahn, “The Global Jobs Crisis—Sustaining the Recovery through Employment and Equitable Growth,” speech delivered in Washington, D.C., April 13, 2011; available at http://www.imf.org/external/np/speeches/2011/041311.htm.
For a discussion of savings rates before the recession, see Dynan and others (2004). The authors find savings rates varying from zero for the lowest quintile of the American income distribution to in excess of 25 percent for the top.
Ic should be clear that there were other ways by which the deficiency of aggregate demand arising from the growth in inequality could have been offset, such as more progressive taxation. But the increase in inequality itself gives rise to a politics that makes these alternatives more difficult.
Proceedings from that conference were published by the IMF in 2012, in a volume called In the Wake of the Crisis.