Thursday, 19 June 2014

OECD reports how market income inequality rose considerably and other news and views for Thursday 19 June

19-06-2014  incomeinequality
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  • Rising inequality: youth and poor fall further behind - Insights from the OECD Income Distribution Database, June 2014 – “… market income inequality rose by 1 percentage point or more in 20 OECD countries between 2007 and 2011/12 (orange bars in Figure 1). The largest increases occurred in those countries hit hardest by the crisis: Spain, Ireland, Greece, Estonia
    and Iceland but also in France and Slovenia… By contrast, Australia, Canada, Ireland, Israel and Sweden recently reversed the trend and experienced a fall in market income inequality during 2011.”
  • Argentina says next bond payment ‘impossible’, default looms
  • Post-Crash Economics – Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and author of a three-volume biography of John Maynard Keynes, writes how we may be witnessing the beginning of the end of the neoliberal capitalist consensus that has prevailed throughout the West since the 1980s. “… mainstream economics is a pitifully thin distillation of historical wisdom on the topics that it addresses. It should be applied to whatever practical problems it can solve; but its tools and assumptions should always be in creative tension with other beliefs concerning human wellbeing and flourishing. What students are taught today certainly does not deserve its imperial status in social thought.”
  • Bill Shorten seeks to censure PM over budget ‘honesty’ - The Guardian’s Katharine Murphy summarises the political day in Canberra.
  • Australia won’t describe east Jerusalem as ‘occupied’ – and is wrong to do so – “Australia’s new view is starkly at odds with the true status of east Jerusalem under international law – and to dismiss ‘historical events’ as unhelpful is astonishingly foolish.”
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