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Income InequalityWhy It Matters and Why Most Economists Didn't Notice$
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Matthew P Drennan

Print publication date: 2015

Print ISBN-13: 9780300209587

Published to Yale Scholarship Online: May 2016

DOI: 10.12987/yale/9780300209587.001.0001

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Has This Happened Before?

Has This Happened Before?

(p.111) VI Has This Happened Before?
Income Inequality

Matthew P. Drennan

Yale University Press

Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling rate of saving, warn of unsustainable consumption leading to a serious economic decline before the present recession? Those are the questions considered in this chapter, and they all receive the same answer: yes.

Keywords:   Income inequality, Housing price bubble, Average propensity to consume, Real wages, Mortgage debt, Estimated saving

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