Income inequality : why it matters and why most economists didn't notice / Matthew P. Drennan.

Format:

Book

Author/Creator:

Drennan, Matthew P., author.

Language:

English

Subjects (All):

Global Financial Crisis (2008-2009).

Income distribution.

United States.

Physical Description:

1 online resource (168 p.)

Edition:

1st ed.

Place of Publication:

New Haven, [Connecticut] ; London, [England] : Yale University Press, 2015.

Summary:

Prevailing economic theory attributes the 2008 crash and the Great Recession that followed to low interest rates, relaxed borrowing standards, and the housing price bubble. After careful analyses of statistical evidence, however, Matthew Drennan discovered that income inequality was the decisive factor behind the crisis. Pressured to keep up consumption in the face of flat or declining incomes, Americans leveraged their home equity to take on excessive debt. The collapse of the housing market left this debt unsupported, causing a domino effect throughout the economy. Drennan also found startling similarities in consumer behavior in the years leading to both the Great Depression and the Great Recession.

Contents:

Cover; Contents; Acknowledgments; Chapter I: Introduction; Chapter II: Trends in Income Distribution; Chapter III: Possible Causes of Rising Income Inequality; Chapter IV: Consumers' Shift to Debt; Appendix: Panel Regression Analysis of State and National Data; Chapter V: Consumption Theory and Its Critics; Chapter VI: Has This Happened Before?; Chapter VII: Conclusion; Notes; Bibliography; Index; A; B; C; D; E; F; G; H; I; J; K; L; M; N; O; P; Q; R; S; T; U; V; W

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (ebrary, viewed December 11, 2015).

ISBN:

0-300-21634-3

OCLC:

927441061