A Quote by Thomas Piketty
When inequality gets too extreme, then it becomes useless for growth, and it can even become bad because it tends to lead to high perpetuation of inequality over time and low mobility.
Related Quotes
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.
When inequality gets to an extreme, it is completely useless for growth.
If accessing the Internet becomes more difficult for low-income communities, academic and employment competition may be undermined, and could damage the prospects of upward mobility for low-income New Yorkers and further exacerbate income inequality.
I think inequality is fine, as long as it is in the common interest. The problem is when it gets so extreme, when it becomes excessive.
True education makes for inequality; the inequality of individuality, the inequality of success, the glorious inequality of talent, of genius.
Rising inequality is toxic to growth. High levels of inequality exclude people - both as innovators and customers - diminishing both innovation and demand.
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.
An important factor influencing intergenerational mobility and trends in inequality over time is economic opportunity.
Democracy tends to ignore, even deny, threats to its existence because it loathes doing what is needed to counter them," explained Revel. "It awakens only when the danger becomes deadly, imminent, and evident. By then, either there is too little time left for it to save itself, or the price of survival has become crushingly high.
Inequality hardens society into a class system. Inequality divides us from one another... Inequality undermines democracy.
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 difference between rich and poor is becoming more extreme, and as income inequality widens the wealth gap in major nations, education, health and social mobility are all threatened.
Most people believe that inequality is rising - and indeed it has been rising for a while in a number of rich countries. And there is lots of talk and realization of this. It's harder to understand that at the same time, you can actually have global inequality going down. Technically speaking, national inequality can increase in every single country and yet global inequality can go down. And why it is going down is because very large, populous, and relatively poor countries like India and China are growing quite fast.
It is true that globalization has fueled greater income inequality. But much of this increase should be welcomed, not condemned. There is nothing inherently bad about inequality. Whether it is bad depends on how it comes about and what it does.
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.
High levels of inequality generate high costs for society, dampening social mobility, undermining the labour market prospects of vulnerable social groups, and creating social unrest.
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