Angus Deaton | How inequality works7 min read 31 Dec 2017, 09:20 PM IST
Inequality is not the same thing as unfairness; and, it is the latter that has incited so much political turmoil in the rich world today, says Angus Deaton
Inequality has been named as a culprit in the populist incursions of 2016 and 2017. But what is inequality, and what role does it play in inhibiting or encouraging growth, or in undermining democracy? Does inequality kill, say, by driving people to suicide or to “deaths of despair"? Or is inequality a necessary evil that we must tolerate at certain levels?