In a new book, Nobel Prize-winning economist Angus Deaton offers a scathing critique of American politics and economic policy.
US-British economist Angus Deaton speaks at a press conference after winning the Nobel Prize for Economics at Princeton University in Princeton, New Jersey, on October 12, 2015.US-British economist Angus Deaton speaks at a press conference after winning the Nobel Prize for Economics at Princeton University in Princeton, New Jersey, on October 12, 2015.In October 2015, Princeton economist Angus Deaton got an early-morning call from Sweden that most scholars can only dream of.
Case and Deaton's findings hit American politics like an atomic bomb. When they both went to the White House as part of the traditional post-Nobel-award meet-and-greet with the president, President Obama immediately brought up the paper."Deaths of despair" became a constant talking point in political speeches and debates.
Rare for an economist, Deaton offers a lucid and unsparing critique of America's political system. From healthcare to taxation to poverty to regulations, Deaton sees a system that has increasingly served monopolistic corporations and the rich over ordinary citizens, allowing"a minority to prey on the majority."
"Less well-educated Americans have seen little or no improvement in their material circumstances for more than fifty years. For men without a four-year college degree, median real wages have trended downward since 1970." "Overall death rates in the United States have been rising, and, even before the pandemic, adult life expectancy has fallen for ten years for those without a four-year college degree."
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