Tag Archives: inequality

Amartya Sen in Edinburgh

Princes Street at dusk
Princes Street, Edinburgh, at dusk

I had the chance to see the great economist and social philosopher Professor Amartya Sen at the Edinburgh Book Festival on the 29th of August. I use the word ‘see’ not to imply that I had a personal meeting with him, but because he actually said disappointingly little at the large public event in which he took part.

He only said a few brief words about his new book, ‘The Idea of Justice’, and then the floor was open to questions from the moderator Brian Taylor of BBC Scotland and the audience. I admit that I haven’t read this book, although I regard his previous work ‘Development as Freedom’ as one of the most important I have read. From a review of the book by John Gray it seems however that what Professor Sen did say amounted to a fair summary of the main argument. Continue reading Amartya Sen in Edinburgh

Money and Inequality

Where does the money go?
Where does the money go?
I’ve just posted a paper I produced in 1998, which seems rather prescient. I made the point that the hidden growth of money was leading to fairly predictable changes (not for the better) in our economy and society. Here’s some excerpts from the introduction:

Although income inequality appears to be a fact of life there remains general agreement that there should be such a thing as social justice, if this is given to mean at least an approximation to equality of potential achievement. This apparent incompatibility can only be reconciled if money income is neither the only measure of human well-being and fulfilment nor the only means to achieving it. Yet it may well be that the fundamentals of the global financial and economic system are such as inevitably to both widen income inequality and also to increase the importance of money in achieving individual well-being and happiness. Continue reading Money and Inequality

The Truth of Unequal Pay

There is at present an unprecedented wave of concern about pay disparities. We have the bankers’ bonuses, both main parties promising to limit high salaries in the UK public sector and a vigorous debate in Scotland about the high levels of pay of some Health Board managers.

Last¬†week, the New Economics Foundation (NEF) published a report in which they calculated the benefit to society of various low and high paid workers per ¬£1 of income. Whatever one might say about the rigour of their methods, the report makes a strong case for current income disparities having little basis in social contribution. My view is that as a nation we are at last waking up to two realities of ‘political economy’. Continue reading The Truth of Unequal Pay