Studying economic inequality requires a historical perspective to grasp the complexity and contextual factors shaping it.
A narrative approach helps in understanding and explaining economic inequality by considering social structures, historical context, and power dynamics.
Deep dives
The Evolution of Economic Inequality
The podcast discusses the history of economic inequality and how different thinkers have approached the issue throughout time. It highlights the works of economists like Adam Smith and Karl Marx, exploring their views on class inequality and the distribution of national income. The conversation also delves into the significance of studying inequality from a historical perspective, understanding how ideas and contexts shape our understanding of the issue.
The Importance of Narrative
The podcast emphasizes the importance of narrative in understanding and explaining economic inequality. It argues that theories and empirical data alone are not enough to grasp the complexity of inequality. A narrative approach allows for a more nuanced understanding of the various factors that contribute to inequality, such as social structures, historical context, and power dynamics. It also helps in communicating complex ideas to a broader audience.
Inequality in Socialist Societies
The podcast explores how socialist societies approached economic inequality. It discusses how the abolition of private ownership in socialist societies led to a formal equality, but also highlighted the limitations in achieving true equality. The episode emphasizes the ideological justifications used in socialist societies to discount the significance of studying inequality. It also draws parallels between how socialist and capitalist societies justified their approach to inequality, despite their different ideological backgrounds.
The Future of Inequality Studies
The podcast concludes with a discussion on the future of studying inequality. It highlights the growing interest and importance of researching income inequality, with more economists and scholars focusing on the topic. The episode also mentions the need for a broader understanding of inequality, including gender, racial, and global disparities. The availability of data and the recognition of inequality's social impact contribute to optimism about the future of inequality studies.
Writing a book like that makes you really think brutally about the past. It makes you really think about the current time and also how the future would look at you.
Branko Milanovic is a Research Professor at the City University of New York and a Senior Scholar at the Stone Center on Socio-Economic Inequality. He served as the lead economist in the World Bank’s Research Department for almost 20 years. His most recent book is Visions of Inequality: From the French Revolution to the End of the Cold War.
