A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009.
It is widely accepted that inequality has increased sharply recently in developed countries, but no consensus exists so far about the importance of inequality in the financial crisis of 2007-2009. The aim of this article is to out- line and contrast the theoretical underpinnings of Marxian, post-Key...
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| Format: | Article |
| Language: | English |
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Universidad Católica de Colombia
2017-01-01
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| Series: | Revista Finanzas y Política Económica |
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| Online Access: | https://revfinypolecon.ucatolica.edu.co/article/view/2356 |
| _version_ | 1797429077577039872 |
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| author | Thomas Goda |
| author_facet | Thomas Goda |
| author_sort | Thomas Goda |
| collection | DOAJ |
| description | It is widely accepted that inequality has increased sharply recently in developed countries, but no consensus exists so far about the importance of inequality in the financial crisis of 2007-2009. The aim of this article is to out- line and contrast the theoretical underpinnings of Marxian, post-Keynesian, and mainstream crisis theories, and to compare their viewpoints regarding the role that income inequality played in the crisis. The results of this review suggest that, despite important differences in their theoretical concepts, several economists of these three strands offer a similar explanation on why income inequality was an important contributing factor to the financial crisis. |
| first_indexed | 2024-03-09T09:07:59Z |
| format | Article |
| id | doaj.art-4fee6b3c69de4be7ac06f9731eb3a2f2 |
| institution | Directory Open Access Journal |
| issn | 2248-6046 2011-7663 |
| language | English |
| last_indexed | 2024-03-09T09:07:59Z |
| publishDate | 2017-01-01 |
| publisher | Universidad Católica de Colombia |
| record_format | Article |
| series | Revista Finanzas y Política Económica |
| spelling | doaj.art-4fee6b3c69de4be7ac06f9731eb3a2f22023-12-02T09:36:57ZengUniversidad Católica de ColombiaRevista Finanzas y Política Económica2248-60462011-76632017-01-019110.14718/revfinanzpolitecon.2017.9.1.9A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009.Thomas Goda0Universidad EAFITIt is widely accepted that inequality has increased sharply recently in developed countries, but no consensus exists so far about the importance of inequality in the financial crisis of 2007-2009. The aim of this article is to out- line and contrast the theoretical underpinnings of Marxian, post-Keynesian, and mainstream crisis theories, and to compare their viewpoints regarding the role that income inequality played in the crisis. The results of this review suggest that, despite important differences in their theoretical concepts, several economists of these three strands offer a similar explanation on why income inequality was an important contributing factor to the financial crisis.https://revfinypolecon.ucatolica.edu.co/article/view/2356income inequalitypersonal income distributioncrisis theoriesfinancial crisisschools of economic thought |
| spellingShingle | Thomas Goda A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. Revista Finanzas y Política Económica income inequality personal income distribution crisis theories financial crisis schools of economic thought |
| title | A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. |
| title_full | A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. |
| title_fullStr | A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. |
| title_full_unstemmed | A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. |
| title_short | A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009. |
| title_sort | comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007 2009 |
| topic | income inequality personal income distribution crisis theories financial crisis schools of economic thought |
| url | https://revfinypolecon.ucatolica.edu.co/article/view/2356 |
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