Inclusive Growth: Some Good News

In this issue of the Milken Institute Review, Jason Furman, chairman of President Obama’s Council of Economic Advisers, documents the alarming stagnation of middle-class incomes, but contends that the growing fissure between the rich and everyone else need not be accepted as the price of the free market system. “Modern economics has long been in the thrall of the view that virtually any interference with free market incentives with the goal of a more progressive distribution of income would exact a price in economic efficiency,” he writes in “Inclusive Growth: For once, some good news.” In fact, “there is just no compelling reason to believe well-designed policies to narrow this widening gap would meaningfully reduce growth, and every reason to believe they could provide a meaningful boost to working families.”

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