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Analysis for Joseph E. Stiglitz
Transcript of Analysis for Joseph E. Stiglitz
Stiglitz first claim is that the income equality of America is getting worse through a process called "marginal-productivity,"
The economic monopolies are controlled by the 1% who wish to keep it that way.
Analysis for Joseph E. Stiglitz
Of the 1%, by the 1%, for the 1%
In the end of Stiglitz article he writes that the top 1% may have the best things money can buy, however their money can not buy them enough common sense to understand that their lives are inevitably linked to the lives of the 99%. He then goes on to say that "Throughout history, this is something that the top 1 percent eventually do learn. Too late," (Stiglitz 753)
About the Author
The Articles Main Point
The top 1% of America's economic monopoly controllers are bound to the other 99% in every way and must realize this.
The current view of the economy simply not being big enough to divide it equally is dramatically misguided.
Those who start off with a vast majority of wealth gain power, giving them more wealth.
The illusion that economics is fair and equal has spurred forth a "trickle-down" of "behaviorism"
Due to the decreasing opportunity for the "American Dream" to become reality, the US has become like the countries who are experiencing civil war.
What does this mean?
What Stiglitz is trying to explain is that the 1 percent may be able to have it all but eventually their greed and lust to control and monopolize the economy will come back to haunt them. He believes that by looking at history, we can predict the inevitable future for the 1 percent.
Stiglitz introduces three reasons as to why this idea of "equality" is incorrect.
Within Stiglitz article he provides statistical evidence to reinforce his major claim and prove his point.
Important: Stiglitz is the former vice president and cheif economist of the World Bank!
Analysis in argument
For the most part this articles ideas are correct. However, this article is strongly against the 1%. The problem with this is that Stiglitz fails to take the counter argument and prove why he is still correct. By doing so he generalizes the 1%.
There are those in the 1% who have made their wages through hard work and noting the fact that they must rely on the 99%. Bill Gates and David Green are great examples.
Joseph E. Stiglitz is an American economist who has authored many books. He is a professor at Columbia University, and in 2011, Time named him one of the hundred most influential people in the world.
Chimera. Digital image. Giant Bomb. N.p., n.d. Web. 10 Nov. 2014.
Colyapi. Raining Money. Digital image. Shade Tree Ecomomist. N.p., 6 Dec. 2013. Web. 10 Nov. 2014.
Joseph E Stiglitz. Digital image. The New York Times. The New York Times Company, n.d. Web. 7 Oct. 2014.
Stiglitz, Joseph E. "Of the 1%, by the 1%, for the 1%." The Norton Feild Guide to Writing (with Readings and Handbook). Third ed. New York: W.W Norton, 2013. 746-53. Print.
"We Are The 99 Percent - Allow Us To Introduce Ourselves." Vimeo. N.p., n.d. Web. 10 Nov. 2014.
99% chart. Digital image. Contracting Canada. Sapphire Website Designers, n.d. Web. 7 Nov. 2014.
Top 1% control 40% of the nations income. This is a drastic difference than the 12% controlling 33% twenty five years ago.
1/6 Americans who wish to have a full time job will never get one and 1/7 are on food stamps.