Concentration of wealth yields concentration of political power. And concentration of political power gives rise to legislation that increases and accelerates the cycle.
Unlimited economic growth has the marvelous quality of stilling discontent while maintaining privilege, a fact that has not gone unnoticed among liberal economists.
The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment.
It matters little, at this point, where the exact truth lies in the maze of perjury, evasion, and of contempt for the normal – hardly inspiring – standards of political conduct.
The polls show that concern over inequality among the general public rose pretty sharply after the Occupy movement started, very probably as a consequence. And there are other policy issues that came to the fore, which are significant.
