The kind of money Americans hateSubmitted by wacko bird on Wed, 06/19/2013 - 03:21
Some don't like talking about it because it's political, but the shift in wealth inequality is one of the most important economic stories of the last 20 years.
Harvard economist Greg Mankiw -- one of the smarter economic thinkers of our day -- wrote a thought-provoking paper on wealth inequality this week that makes an important point: No one should (and few do) look down on wealth earned by those who create valuable goods and services. Bill Gates. Mark Zuckerberg. Steve Jobs. These men became astronomically rich, but they transformed our lives for the better -- and people love them for it. Mankiw's paper broadly argues that wealth inequality is a good thing if those getting rich are the Gates, Zuckerbergs, and Jobses of the world. And he's right, of course.
Here's the problem, Mankiw writes: