INCOME AND WEALTH INEQUALITY US and Global Michael Rock and David Karen BMC COMMUNITY DAY OF LEARNING.

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Presentation transcript:

INCOME AND WEALTH INEQUALITY US and Global Michael Rock and David Karen BMC COMMUNITY DAY OF LEARNING

What we want (you) to do today… Talk about how income and wealth are distributed Talk about why income and wealth are distributed that way Talk about how they should be distributed What is to be done?

Wealth Inequality in the US

Wealth Inequality in the US

Income and wealth going to top “earners”

Global Wealth Inequality 3.2bn adults own virtually nothing at all. At the other end of the spectrum, just 32m people own $98trn in wealth or 41% of all household wealth or more than $1m each. And just 98,700 people with ‘ultra-high net worth’ have more than $50 million each and of these 33,900 are worth over $100 million each.

Global Income Inequality

Income Inequality in the US-1

Income Inequality in the US-2

Income Inequality in the US in thousandths…

Let’s Divide the Economic Pie!! Or the Dining Services Cake…

HOW DOES THAT REALLY GET DETERMINED? Who Gets What? We just divided you randomly into the “group” that represented the very top, the next group, etc. HOW DOES THAT REALLY GET DETERMINED?

HOW SHOULD IT GET DETERMINED? Who Should Get What? HOW SHOULD IT GET DETERMINED?

Some empirical research on this question… Norton and Ariely on wealth inequality in the US http://inequality.org/wealth-inequality-america/

How did we get here and how do we fix it? What is to be done? How did we get here and how do we fix it?