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.
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“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
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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.
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