Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity

Stiglitz (The Great Divide: Unequal Societies and What We Can Do About Them), a Nobel laureate, proffers that the world has changed, and that the United States needs to reshape its world view on economics. By analogy, if economics is a battlefield, Stiglitz would contend that we are fighting a past war with old weapons. Not so long ago, prior to the free fall of the stock market and the housing crash, the prevailing sentiment was to let the individual manage their own Social Security account. For Stiglitz, the best outcome for everyone is a level playing field. In broad brushstrokes, he contends that more investment is needed in health care, education, and infrastructure, and, at the same time, the policies that favor special interests should be eliminated. This investment would cost money, and Stiglitz is a proponent of rewriting the tax code to make the endeavor possible. While there are those who might see this as putting a damper on the economy, this is the same tactic that the National Football League uses to promote equity—there are still winners and losers, but any team has a fighting chance.