There are all sorts of theories on why there is such a huge discrepancy in income in society, and why it differs from one country to the next. For example, why does the USA have a far worse Gini index (41.4) than Japan (32.9)? Whilst there’s been lots of debate around education, ability, inheritance and opportunity, Blair Fix at York University in Toronto, has concluded that society’s hierarchy is really the overarching influence. If he’s right, that means regulation is the only way to stop income becoming so divided. Listen in to catch up on Blair’s work, in this three-way discussion with Phil in the UK, Steve Keen in Thailand and Blair in Canada.
May 19, 2020