In 'The Upside of Inequality', Edward Conard challenges the conventional wisdom surrounding economic disparity. He argues that inequality is not merely a social ill but a driving force behind innovation and economic growth. Conard’s provocative insights delve into the importance of allowing the wealthy to invest in new ventures, creating jobs and opportunities for all. He presents a controversial perspective that may flip your understanding of wealth and poverty on its head. Dive into this thought-provoking read to explore how embracing inequality could be key to our collective prosperity.
By Edward Conard
Published: 2016
"Inequality is not just a byproduct of success; it is a catalyst for growth, innovation, and the relentless pursuit of progress."
The scourge of America’s economy isn't the success of the 1 percent—quite the opposite. The real problem is the government’s well-meaning but misguided attempt to reduce the payoffs for success. Four years ago, Edward Conard wrote a controversial bestseller, Unintended Consequences, which set the record straight on the financial crisis of 2008 and explained why U.S. growth was accelerating relative to other high-wage economies. He warned that loose monetary policy would produce neither growth nor inflation, that expansionary fiscal policy would have no lasting benefit on growth in the aftermath of the crisis, and that ill-advised attempts to rein in banking based on misplaced blame would slow an already weak recovery. Unfortunately, he was right. Now he’s back with another provocative argument: that our current obsession with income inequality is misguided and will only slow growth further. Using fact-based logic, Conard tracks the implications of an economy now constrained by both its capacity for risk-taking and by a shortage of properly trained talent—rather than by labor or capital, as was the case historically. He uses this fresh perspective to challenge the conclusions of liberal economists like Larry Summers and Joseph Stiglitz and the myths of “crony capitalism” more broadly. Instead, he argues that the growing wealth of most successful Americans is not to blame for the stagnating incomes of the middle and working classes. If anything, the success of the 1 percent has put upward pressure on employment and wages. Conard argues that high payoffs for success motivate talent to get the training and take the risks that gradually loosen the constraints to growth. Well-meaning attempts to decrease inequality through redistribution dull these incentives, gradually hurting not just the 1 percent but everyone else as well. Conard outlines a plan for growing middle- and working-class wages in an economy with a near infinite supply of labor that is shifting from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields. He urges us to stop blaming the success of the 1 percent for slow wage growth and embrace the upside of inequality: faster growth and greater prosperity for everyone.
Showing 8 of 27 similar books
Jordan Hughes is a celebrated author known for their compelling narratives and richly developed characters. Their debut novel, "Echoes of Tomorrow," won the prestigious Man Booker Prize, marking a significant milestone in contemporary fiction. Hughes's work often explores themes of identity, resilience, and the human condition, earning them critical acclaim and a dedicated readership. In addition to their novels, Hughes has contributed thought-provoking essays to major literary journals, further solidifying their influence in the literary world. Their innovative storytelling continues to inspire and captivate audiences worldwide.
Naval Ravikant is an entrepreneur, angel investor, and philosopher, best known as the co-founder of AngelList, a platform that connects startups with investors. Ravikant is a prolific thinker and writer on topics such as startups, investing, and personal well-being, sharing his wisdom through essays, podcasts, and social media. He has invested in over 100 companies, including Uber, Twitter, and Yammer, making him one of Silicon Valley’s most successful angel investors. Ravikant is also known for his philosophical musings on wealth, happiness, and the meaning of life, which have garnered him a large and dedicated following.
Charlie Munger is an American investor, businessman, and philanthropist, best known as the vice chairman of Berkshire Hathaway, where he partners with Warren Buffett. Renowned for his insights on investment strategies and mental models, Munger has significantly influenced the world of finance. His notable literary contributions include "Poor Charlie's Almanack," a compilation of his speeches and writings that distill his wisdom on decision-making and business principles. Munger's work emphasizes the importance of multidisciplinary thinking and continuous learning. Beyond his financial acumen, he is celebrated for his charitable efforts, particularly in education and healthcare.
Barack Obama is the 44th President of the United States, serving from 2009 to 2017. As the first African American president, Obama’s leadership marked a historic moment in American history. His administration focused on healthcare reform, economic recovery from the Great Recession, and environmental policies. He is best known for the Affordable Care Act, as well as his efforts to expand civil rights and restore diplomatic relations with Cuba. Since leaving office, Obama has continued to engage in public life through his foundation, focusing on leadership development, civic engagement, and global issues.
Jon Stewart is an American comedian, writer, and former host of The Daily Show, where he gained fame for his satirical take on news and politics. Stewart transformed The Daily Show into a critical voice in American media, blending humor with hard-hitting commentary on political and social issues. After stepping down from the show, Stewart has continued to advocate for causes like 9/11 first responders and veterans' rights. He is also a filmmaker, directing the political satire film Irresistible. Stewart remains a significant figure in American culture, known for his wit, activism, and influence on political discourse.
Jamie Dimon is an American business executive, best known as the Chairman and CEO of JPMorgan Chase, one of the largest and most influential financial institutions in the world. Dimon has led JPMorgan through multiple economic crises, including the 2008 financial crash, and has consistently been recognized for his leadership in the banking industry. Under his tenure, JPMorgan has grown into a global financial powerhouse, focusing on innovation and sustainability. Dimon is also an advocate for corporate responsibility and frequently speaks on economic and regulatory issues. His leadership style and strategic insights have earned him widespread respect in the business world.
Reid Hoffman is an influential American entrepreneur, venture capitalist, and author, best known as the co-founder of LinkedIn, the professional networking platform that transformed online professional interactions. Hoffman has significantly impacted the business world through his investments in notable tech companies like Airbnb, Facebook, and Zynga. As an author, he has co-written several acclaimed books, including "The Start-Up of You" and "Blitzscaling," which provide strategic insights into career development and business growth. His works are celebrated for their practical advice and have become essential reading for aspiring entrepreneurs and business leaders. Hoffman's contributions extend beyond his literary efforts, as he remains a prominent figure in Silicon Valley, shaping the future of technology and innovation.
Bill Gates, co-founder of Microsoft Corporation, is a pioneering figure in the tech industry, having played a key role in the personal computer revolution. His work at Microsoft, particularly the development of Windows, transformed software and computing globally. Beyond his technology contributions, Gates is also a prolific author, with notable works such as "The Road Ahead" and "Business @ the Speed of Thought," which offer insights into the future of technology and business. Additionally, his philanthropic efforts through the Bill & Melinda Gates Foundation have had a profound impact on global health, education, and poverty. Gates continues to influence both technology and literature with his forward-thinking perspectives and innovative ideas.
Showing 8 of 14 related collections
“Inequality is not just a byproduct of success; it is a catalyst for growth, innovation, and the relentless pursuit of progress.”
The Upside of Inequality
By Edward Conard
Discover a world of knowledge through our extensive collection of book summaries.
Edward Conard is an American author, investor, and public speaker known for his contributions to economic thought and public policy. He served as a partner at Bain Capital and is recognized for his expertise in the intersection of finance and economic growth. Conard is the author of several notable works, including 'Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong' and 'The Upside of Down: How Unchecked Capitalism Exposes Us to Catastrophic Risk and What We Can Do About It.' His writing often challenges conventional economic perspectives, advocating for the benefits of capitalism and innovation while outlining the risks associated with regulatory overreach. Conard’s analytical approach combines rigorous data analysis with persuasive storytelling, making complex economic ideas accessible to a broad audience.
Key information about the book.
Buy on Amazon
Buy via BookShopSupport local bookstores: BookShop gives a portion of each sale to independent bookshops!
In 'Utopia for Realists', Rutger Bregman challenges the status quo by envisioning a world where universal basic income, a shorter workweek, and open borders are not just dreams but achievable realities. He draws from compelling historical examples and contemporary experiments to illustrate how these ideas can combat inequality and promote happiness. With engaging narratives and eye-opening statistics, Bregman provokes readers to rethink their assumptions about what is possible. This provocative call to action invites us to imagine a future where utopian aspirations can be realized in our lifetime. Are we ready to take the leap into a bolder, more equitable world?
In 'The Information', James Gleick masterfully explores the evolution of information from ancient communication methods to the digital age. He delves into how language, code, and data have shaped human civilization and our understanding of the universe. Gleick's narrative interweaves historical tales with modern technology, illustrating how information is the cornerstone of science and culture. Readers are invited to ponder: What does it mean to live in an age overflowing with information? This compelling journey reveals the profound impact of information on our lives and the future.
In 'Why Nations Fail', Daron Acemoglu and James A. Robinson unravel the deep-rooted reasons behind the success or failure of nations across the globe. They argue that it is not geography or culture, but rather political and economic institutions that determine a country's fate. Through compelling historical examples, the authors illustrate how inclusive institutions foster prosperity while extractive ones lead to poverty and chaos. The book challenges readers to reconsider the factors that shape our world and ignites a discourse on how we might build better systems for the future. Prepare to delve into the complex interplay of power and economics that shapes nations.
In 'Out of My Later Years', Albert Einstein reflects on his remarkable life and the profound thoughts that shaped his scientific and philosophical pursuits. This collection of essays reveals his introspective nature, exploring topics such as politics, religion, and the essence of humanity. Einstein's musings provoke us to question the world around us, inviting readers to ponder the intricate relationship between science and morality. With rich anecdotes and insights, he transcends his role as a physicist to become a voice for peace and rationality. Prepare to be captivated by the wisdom of one of history's greatest minds as he shares his journey towards understanding the universe.
In the gripping conclusion to the Remembrance of Earth's Past trilogy, Cixin Liu explores the farthest reaches of humanity's struggle for survival against cosmic forces. As Earth faces unprecedented threats from an advanced alien civilization, the boundaries of science and morality are pushed to their limits. The narrative weaves complex themes of love, sacrifice, and the existential ponderings of our place in the universe. With mind-bending twists and philosophical depth, 'Death's End' challenges readers to confront the implications of technological advancement and the fragility of existence. Will humanity prevail, or will it succumb to the vast indifference of the cosmos?
In 'Big, Hot, Cheap, and Right', Erica Grieder explores the allure and challenges of Texas, a state that embodies a unique blend of opportunity and excess. Through captivating anecdotes, she reveals how the Texan spirit fuels innovation and economic growth, while also grappling with issues of inequality and environmental impact. Grieder invites readers to confront the complexities of a land where everything seems bigger, hotter, and more affordable. As the narrative unfolds, it becomes clear that Texas is not just a place, but a mindset that can offer lessons for the rest of America. Will the boldness of Texas inspire the nation to rethink what it means to thrive?
In 'Money', Martin Amis explores the hedonistic chaos of the 1980s through the eyes of John Self, a boisterous director fueled by excess and greed. Self's life spirals as his pursuit of wealth leads him into a whirlwind of consumerism and moral decay. With sharp wit and dark humor, Amis captures the absurdity of capitalism and debauchery. As Self's indulgences catch up with him, readers are left questioning the true cost of living a life devoted to pleasure. Will he emerge unscathed from his self-destructive path, or is there a reckoning waiting at the end?
In 'Triumph of the City', Edward Glaeser presents a captivating exploration of urban life, arguing that cities are the ultimate engines of innovation and economic growth. Through compelling anecdotes and robust data, he reveals how urbanization fosters creativity, collaboration, and cultural exchange. Glaeser challenges the notion that cities are failing, instead showcasing their resilience and adaptability in the face of contemporary challenges. This book invites readers to reconsider the value of urban living and the importance of policy in shaping successful cities. Dive into this insightful read to discover why the future lies in thriving, interconnected urban centers.
Download our mobile app to enjoy your favorite books on the go. Get access to exclusive features, offline listening, and personalized recommendations.
