The Economic and Political History Podcast

Inequality: A History of Ideas | Branko Milanovic with Javier Mejia

Mar 1, 2024
Branko Milanovic, a senior scholar on socio-economic inequality, captivates with his insights on the evolution of inequality. He discusses how income distribution ideas have shifted across time, engaging with historical figures like Adam Smith and Karl Marx. Milanovic emphasizes the importance of context in analyzing inequality, critiquing common misreadings of thinkers like Smith. He also explores the resurgence of inequality research and the impact of new data on our understanding. A fascinating dive into the complexities of economic thought!
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ANECDOTE

Origins Of Milanović’s Interest

  • Branko Milanović became interested in inequality studying economics and statistics in Yugoslavia while influenced by Marxist literature.
  • He started working on Lorenz curves, Gini coefficients, and tail measures early in his career.
INSIGHT

Two Kinds Of Economic Questions

  • Milanović argues classical and neoclassical economics answer different questions: long-run social change vs. market prices.
  • He warns modern economics over-focuses on short-run price mechanics instead of grand historical forces.
INSIGHT

Physiocrats Reframe Economic Focus

  • Quesnay and the physiocrats shifted focus from international mercantilism to internal welfare and class surplus.
  • They introduced concepts of class structure, surplus, and public welfare into economic policy thinking.
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