Saying that it would sort itself out eventually is a

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Unformatted text preview: after you see people keeping on moving on and opportunity for catch- up does not present itself, then people begin to get pissed about persistent inequality (this is where politics becomes critical) Alternate view is that inequality matters a lot always: Sen: viewing it at this macro level is the wrong way to go, inequality affects people’s capabilities and access to things unequally. Saying that it would sort itself out eventually is a cop out. In a world where markets are dominated by monopolists who are friends with politicians and they work simultaneously to prevent others entering the market, then inequality will not be able to sort itself out (market failures) Can cause market failures Can cause state failures Inequality was a key characteristic of “weak institutions” We’ve gotta pay attention to it all the time Can cause government failure Inequalitty also matters because it can be remarkably persistent: Institutions can be designed to protect the few and the rich. Pathways that lead to persistence: Political: weak institutions tend to persist Biological: nutrition...
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