Again, running like crazy with no time to write, but here’s a quick summary of what I’m reading.
It is becoming increasingly clear that the unique brand of inequality and poverty we’re experiencing – especially our middle income stagnation – is structural. More progressive income taxes might shave this phenomenon around the edges, but the core issue is the remarkable acceleration of technology.
The benefits of these developments are massive, but they are inherently very concentrated. Taxes alone won’t change that. This is a structural challenge that threatens the viability of capitalism.
Capitalism has always been reducing our overall workload, creating social disruption in exchange for radically higher wealth. In the early 20th century we dealt with this by creating a regulatory and welfare infrastructure that allowed capitalism to survive. As this process gains pace, pressure is building toward a similar update. The institutional structures built to manage industrial capitalism are not working anymore.
Technology and Inequality – MIT Technology Review
The educational value of being born rich – Washington Post
Why poor kids don’t stay in college – Washington Post