You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
My premise is not to tax to destroy the wealth of the wealthy; it's to increase the wealth of the bottom and the middle class.
I am afraid that if you don't find peaceful domestic solutions to our inequality and social problems, then it's always tempting to find other people responsible for our problems.
I think inequality is fine, as long as it is in the common interest. The problem is when it gets so extreme, when it becomes excessive.
We want capitalism and market forces to be the slave of democracy rather than the opposite.
The main force pushing toward reduction in inequality has always been the diffusion of knowledge and the diffusion of education.
What I argue for is a progressive tax, a global tax, based on the taxation of private property.
Economists should be modest and be aware that they are part of the broader social science community. We need to be pragmatic about the methods we use. When we need to do history, we should do history. When we need to study political science, we should study political science.
Yeah, I am in favor of migration. But I am also in favor of education. But at the same time, I am in favor of progressive taxation. I think we need all of this. I think we don't have to choose one.
I believe in the power of ideas, I believe in the power of books, but you have to give them time.
I don't live in the Cold War. Some people maybe still live in the Cold War, but this is their problem, not mine.
Once constituted, capital reproduces itself faster than output increases. The past devours the future.
The United States could transform its property tax system into a progressive tax on net worth without asking permission to the rest of the world.
There is a fundamentalist belief by capitalists that capital will save the world, and it just isn't so.
Capitalism and market forces are very powerful in producing wealth and innovation. But we need to ensure that these forces act in the common interest.
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