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Title: Driving That Train: Can Closing the Gap Facilitate Sustained Growth?
Citation Type: Book, Section
Publication Year: 2017
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Abstract: One of the first concepts taught in undergraduate economics is that there is a trade-off between equity and efficiency, between fairness and economic growth. Much of that argument is rooted in the stylized experience of long-term economic development, including Kaldor’s (1977) argument that high levels of savings among the rich—in order to invest in industries with large sunk costs—was a prerequisite for rapid growth, as well as the infamous “Kuznets curve,” which suggests that inequality will rise in the early phases of economic growth (Kuznets 1955). In either case, the message is that interfering too early to promote...
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Authors: Benner, Chris; Pastor, Manuel
Editors: Benner, Chris; Pastor, Manuel
Pages: 25-55
Volume Title: Equity, Growth, and Community: What the Nation Can Learn from America's Metro Areas
Publisher: University of California Press
Publisher Location: Berkeley, CA
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Data Collections: IPUMS USA
Topics: Other
Countries: United States