A Quote by Branko Milanovic
I was at the World Bank and a commission reviewed our work on inequality for the U.S. Congress or somebody, and the head of the commission said to us: "You are spending taxpayer money to study issues like inequality? Which goes directly against capitalism and growth." That was the perception, that it should not be studied.
Quote Topics
Quote Author
Related Quotes
The Spending Control Act. It would recreate President Reagan's grace commission to have a bipartisan commission on how we reduce spending.
In the U.S. when people like me started writing things about inequality, the economic journals had no classification for inequality. I couldn't find where to submit my inequality papers because there was no such topic. There was welfare, there was health issues, there was trade obviously. Finance had hundreds of sub groups.
The report produced by my commission, the Global Commission on Elections, Democracy and Security, in 2012 showed the corrosive impact of money in US politics, for example, which undermines the legitimacy of the democratic system in citizens' eyes. Such perceptions partly explain the rise of a phenomenon like the success of Donald Trump.
True education makes for inequality; the inequality of individuality, the inequality of success, the glorious inequality of talent, of genius.
Inequality hardens society into a class system. Inequality divides us from one another... Inequality undermines democracy.
What is different between national inequality and global inequality is you have another element there that is sometimes forgotten: what matters for global inequality is relative growth rates between poor and rich countries.
You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
We have a God-given commission, but it is not a commission to be self-righteous know-it-alls- quite the contrary. Our work in God's world begins with the acknowledgment that we are not God, and that our most bitter rivals are made in God's image.
Yes, the Commission wants to increase its powers, Yes, it is a non-elected body and I do not want the Commission to increase its powers at the expense of the House, so of course we differ. The President of the Commission, Mr Delors, said at a press conference the other day that he wanted the European Parliament to be the democratic body of the Community. He wanted the Commission to be the Executive and he wanted the Council of Ministers to be the Senate. No! No! No!
When I was poor and I complained about inequality they said I was bitter. Now I'm rich and I complain about inequality they say I'm a hypocrite. I'm starting to think they just don't want to talk about inequality.
Democrats like Hillary Clinton and Bernie Sanders want to raise taxes on the rich, saying it will solve inequality. It won't. All that will do is significantly reduce incentives to work, save, and invest. But I say inequality is not the problem. The problem is a lack of growth.
Through much of its history, the US did not have high inequality as compared with Europe. Less so, in fact. That began to change in the industrial age, reaching a peak in 1928, after the forceful destruction of the labor movement and crushing of independent thought. Largely as a result of labor mobilization, inequality declined during the Great Depression, a tendency continuing through the great growth period of regulated capitalism in the early postwar decades.
I think, unfortunately, we've always lived in a world of massive inequality: inequality between the haves and the have-nots, inequality between men and women that not only exists temporally but geographically as well.
I have changed the focus of the work of my Commission so that we no longer concern ourselves with trivial details and concentrate on the key issues instead. By doing that, we met a large number of the legitimate demands made by the British people. The Commission really did do everything it could to create the conditions for a positive campaign.
Dependence goes somewhat against the grain of a generous mind; and it is no wonder that it should do so, considering the unreasonable advantage which is often taken of the inequality of fortune.
I've always said that anytime Congress can provide us direction and answer the question of how they would like the commission to implement something, then I am totally supportive.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist