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New Macroeconomics by Apek Mulay

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CHAPTER 3

Macroeconomics of Income and Wealth Concentration

3.1 Introduction

In April 2014, the International Monetary Fund (IMF) organized a seminar on the economic effects of income and wealth inequality and declared: “Rising income inequality is, by now, universally acknowledged as a critical economic, social and political issue and one that is not confined to a particular group of countries or any particular region of the world.” During the election year 2016, almost every politician agreed with IMF. Such a message came from Bernie Sanders to Hillary Clinton to Donald Trump, and several other potential presidential candidates. Liberals and many conservatives talked about how growing income and wealth disparities in the United States had destroyed ...

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