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  • A critical look at BC’s new tax breaks and subsidies for LNG May 7, 2019
    The BC government has offered much more to the LNG industry than the previous government. Read the report by senior economist Marc Lee.  
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    Canadian Centre for Policy Alternatives
  • CCPA welcomes Randy Robinson as new Ontario Director March 27, 2019
    The Canadian Centre for Policy Alternatives is pleased to announce the appointment of Randy Robinson as the new Director of our Ontario Office.  Randy’s areas of expertise include public sector finance, the gendered rise of precarious work, neoliberalism, and labour rights. He has extensive experience in communications and research, and has been engaged in Ontario’s […]
    Canadian Centre for Policy Alternatives
  • 2019 Federal Budget Analysis February 27, 2019
    Watch this space for response and analysis of the federal budget from CCPA staff and our Alternative Federal Budget partners. More information will be added as it is available. Commentary and Analysis  Aim high, spend low: Federal budget 2019 by David MacDonald (CCPA) Budget 2019 fiddles while climate crisis looms by Hadrian Mertins-Kirkwood (CCPA) Budget hints at priorities for upcoming […]
    Canadian Centre for Policy Alternatives
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The Progressive Economics Forum

Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter

Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter

Thomas Palley
There exists several mainstream explanations of the financial crisis and stagnation, each explaianing the role they respectively attribute to income inequality. Those explanations contrast deeply with a structural Keynesian explanation of the crisis. The role of income inequality also differs substantially, giving rise to very different policy recommendations. That highlights the critical importance of economic theory, which shapes the way we understand the world, thereby shaping how we respond to it. The theoretical narrative we adopt therefore implicitly shapes policy. That observation applies forcefully to the issue of income inequality, the financial crisis and stagnation, making it critical we get the story right.
See full paper here.
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Comment from Purple Library Guy
Time: June 12, 2015, 2:22 am

Except for those who use theory as a means of justifying the policies they already want, for reasons which have nothing to do with economic growth or avoidance of crises. For the .1%, if the theory they currently use to justify upward redistribution loses credibility, they need a new theory which will serve the same purpose–not one which recommends different policies.

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