A Financial Times Best Book of the Year. A sweeping and original history of how economists across two centuries have thought about inequality, told through portraits of six key figures. “How do you see income distribution in your time, and how and why do you expect it to change?” That is the question Branko Milanovic imagines posing to six of history's most influential economists: François Quesnay, Adam Smith, David Ricardo, Karl Marx, Vilfredo Pareto, and Simon Kuznets. Probing their works in the context of their lives, he charts the evolution of thinking about inequality, showing just how much views have varied among ages and societies. Indeed, Milanovic argues, we cannot speak of “inequality” as a general concept: any analysis of it is inextricably linked to a particular time and place. Visions of Inequality takes us from Quesnay and the physiocrats, for whom social classes were prescribed by law, through the classic nineteenth-century treatises of Smith, Ricardo, and Marx, who saw class as a purely economic category driven by means of production. It shows how Pareto reconceived class as a matter of elites versus the rest of the population, while Kuznets saw inequality arising from the urban-rural divide. And it explains why inequality studies were eclipsed during the Cold War, before their remarkable resurgence as a central preoccupation in economics today. Meticulously extracting each author’s view of income distribution from their often voluminous writings, Milanovic offers an invaluable genealogy of the discourse surrounding inequality. These intellectual portraits are infused not only with a deep understanding of economic theory but also with psychological nuance, reconstructing each thinker’s outlook given what was knowable to them within their historical contexts and methodologies.

Recommended on 1 episode:

‘Why Haven’t the Democrats Completely Cleaned the Republicans’ Clock?’

Political analysts used to say that the Democratic Party was riding a demographic wave that would lead to an era of dominance. But that “coalition of the ascendant” never quite jelled. The party did benefit from a rise in nonwhite voters and college-educated professionals, but it has also shed voters without a college degree. All this has made the Democrats’ political math a lot more precarious. And it also poses a kind of spiritual problem for Democrats who see themselves as the party of the working class. Ruy Teixeira is one of the loudest voices calling on the Democratic Party to focus on winning these voters back. He’s a senior fellow at the American Enterprise Institute and the politics editor of the newsletter The Liberal Patriot. His 2002 book, “The Emerging Democratic Majority,” written with John B. Judis, was seen as prophetic after Barack Obama won in 2008 with the coalition he’d predicted. But he also warned in that book that Democrats needed to stop hemorrhaging white working-class voters for this majority to hold. And now Teixeira and Judis have a new book, “Where Have All the Democrats Gone?: The Soul of the Party in the Age of Extremes.” In this conversation, I talk to Teixeira about how he defines the working class; the economic, social and cultural forces that he thinks have driven these voters from the Democratic Party; whether Joe Biden’s industrial and pro-worker policies could win some of these voters back, or if economic policies could reverse this trend at all; and how to think through the trade-offs of pursuing bold progressive policies that could push working-class voters even further away.

Books recommended:

• 📕  Political Cleavages and Social Inequalities: A Study of Fifty Democracies, 1948–2020 by Amory Gethin, Clara Martínez-Toledano, Thomas Piketty
• 📘  Visions of Inequality: From the French Revolution to the End of the Cold War by Branko Milanovic
• 📗  The House of Government: A Saga of the Russian Revolution by Yuri Slezkine

Ruy Teixeira Feb. 1, 2024 3 books recommended

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