The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality
Kindle version available now. Hardback available November 3, 2017
In recent years income inequality has soared to levels not seen since the stock market crashed in 1929. In January this year, Oxfam reported that eight individuals owned as much as half the world’s population. A number of books address the problem of extreme inequality, but this one is a bit different. This one focuses on sources of inequality arising from places where others haven’t thought to look. As it examines rent-seeking it finds examples in four areas: finance, intellectual property, occupational licensing and land use. Heretofore I considered three of those areas economically neutral, if not benign. Now I know why they are not. And that’s something the general public should know as well. Highly recommended reading.