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.
Showing 8 of 28 similar books
Jordan Hughes is a celebrated author known for their compelling narratives and richly developed characters. Their debut novel, "Echoes of Tomorrow," won the prestigious Man Booker Prize, marking a significant milestone in contemporary fiction. Hughes's work often explores themes of identity, resilience, and the human condition, earning them critical acclaim and a dedicated readership. In addition to their novels, Hughes has contributed thought-provoking essays to major literary journals, further solidifying their influence in the literary world. Their innovative storytelling continues to inspire and captivate audiences worldwide.
David Heinemeier Hansson, also known as DHH, is a Danish programmer, entrepreneur, and author, best known as the creator of Ruby on Rails, a popular web application framework. Heinemeier Hansson is also a partner at Basecamp, a project management and collaboration software company he co-founded. His contributions to software development have earned him widespread recognition, with Ruby on Rails being used by thousands of developers and companies worldwide. Heinemeier Hansson is also a vocal advocate for remote work, simplicity in business, and sustainable work practices, ideas he explores in his bestselling books Rework and It Doesn’t Have to Be Crazy at Work. In addition to his work in tech, he is an accomplished race car driver, having competed in the 24 Hours of Le Mans. Heinemeier Hansson’s approach to work-life balance and entrepreneurship has made him a thought leader in the tech community, where he continues to challenge traditional business practices and advocate for more human-centered approaches to work
Brandon Stanton is an American photographer and author, best known for creating Humans of New York, a photography project that shares the personal stories of everyday people. Through his portraits and interviews, Stanton captures the diverse experiences of people in New York City and around the world, offering intimate insights into their lives. Humans of New York has become a global phenomenon, with millions of followers on social media and several best-selling books. Stanton’s work has expanded beyond photography to include fundraising campaigns that have raised millions of dollars for individuals and charitable causes. His ability to connect with people and share their stories has made him one of the most impactful storytellers of his generation.
Ray Dalio is the founder of Bridgewater Associates, one of the largest and most successful hedge funds in the world. He is also the author of the bestselling book Principles, where he outlines his philosophy on life, leadership, and investing. Ray is renowned for his unique approach to transparency, radical truth, and thoughtful disagreement within organizations. His insights into economics and investing have made him one of the most influential figures in the financial world. Dalio continues to be a thought leader in business, economics, and philanthropy.
Ben Shapiro is an American conservative political commentator, author, and lawyer, known for his sharp analytical skills and outspoken views. He graduated from UCLA at the age of 20 and Harvard Law School at 23, demonstrating his early intellectual prowess. Shapiro is the author of several best-selling books including "Bullies: How the Left's Culture of Fear and Intimidation Silences Americans" and "The Right Side of History: How Reason and Moral Purpose Made the West Great." He is the co-founder and editor emeritus of The Daily Wire, a popular conservative news and opinion website. Through his writing and media presence, Shapiro has significantly influenced contemporary political discourse in the United States.
Barack Obama is the 44th President of the United States, serving from 2009 to 2017. As the first African American president, Obama’s leadership marked a historic moment in American history. His administration focused on healthcare reform, economic recovery from the Great Recession, and environmental policies. He is best known for the Affordable Care Act, as well as his efforts to expand civil rights and restore diplomatic relations with Cuba. Since leaving office, Obama has continued to engage in public life through his foundation, focusing on leadership development, civic engagement, and global issues.
Jamie Dimon is an American business executive, best known as the Chairman and CEO of JPMorgan Chase, one of the largest and most influential financial institutions in the world. Dimon has led JPMorgan through multiple economic crises, including the 2008 financial crash, and has consistently been recognized for his leadership in the banking industry. Under his tenure, JPMorgan has grown into a global financial powerhouse, focusing on innovation and sustainability. Dimon is also an advocate for corporate responsibility and frequently speaks on economic and regulatory issues. His leadership style and strategic insights have earned him widespread respect in the business world.
Elon Musk is an influential entrepreneur and innovator known for founding and leading several groundbreaking companies, including Tesla, SpaceX, Neuralink, and The Boring Company. He has played a pivotal role in advancing electric vehicles, space exploration, and renewable energy. Musk's vision extends to colonizing Mars and reducing the risk of human extinction through space travel. In addition to his technological contributions, he has co-authored the book "Spacex: Making Commercial Spaceflight a Reality," providing insights into his ambitious projects and vision for the future. Musk's relentless pursuit of innovation continues to shape the trajectory of multiple industries.
Showing 8 of 17 related collections
“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
Discover a world of knowledge through our extensive collection of book summaries.
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.
Key information about the book.
Buy on Amazon
Buy via BookShopSupport local bookstores: BookShop gives a portion of each sale to independent bookshops!
In "Black Edge," investigative journalist Sheelah Kolhatkar delves into the high-stakes world of hedge funds and the enigmatic figure of Steven A. Cohen. As she unravels the saga of insider trading, greed, and Wall Street's murky ethics, the book pulls readers into a gripping tale of ambition that spans decades. With intellectual prowess and audacious risk-taking, Cohen's rise to power raises questions about the moral compass of finance. Kolhatkar's penetrating analysis unveils the dark side of wealth and the relentless pursuit of success, leaving readers questioning the true cost of ambition. Will you dare to uncover the secrets of a financial titan and the shadowy underworld they inhabit?
In "Positioning: The Battle for Your Mind," Al Ries and Jack Trout delve into the art of carving out a unique space in the crowded marketplace of ideas. They argue that the true battlefield is not in products, but in the perceptions of consumers' minds. Through gripping examples and strategic insights, the authors reveal how effective positioning can lead to lasting brand loyalty. Discover why it's not enough to simply stand out; you must also resonate with your audience in a memorable way. Are you ready to transform how you think about marketing and break through the noise?
'The Little Bitcoin Book' serves as an accessible gateway into the world of cryptocurrencies, perfect for both beginners and the seasoned enthusiast. Written by industry experts, it demystifies Bitcoin's complex concepts through engaging storytelling and simple illustrations. Readers will uncover the potential of digital currency to revolutionize our financial systems and empower individuals globally. With practical insights and real-world applications, the book inspires readers to consider the impact of Bitcoin in their own lives. Prepare to embark on a journey that could change your understanding of money forever!
In 'The Great Convergence,' Richard Baldwin takes readers on a compelling journey through the forces shaping our global economy, emphasizing the revolutionary impact of digital technology. He argues that the convergence of production and consumption is redefining international borders and reshaping global trade. As we become more interconnected than ever, Baldwin raises critical questions about the future of jobs and economic disparity. Will the merging of markets lead to prosperity, or will it deepen existing divides? A thought-provoking exploration that challenges conventional wisdom and invites readers to rethink the implications of our rapidly changing world.
In 'Arguing about War,' Michael Walzer delves into the ethical complexities surrounding conflict and warfare, challenging traditional justifications for war. Through thought-provoking analysis and compelling historical examples, he questions whether moral principles can truly be upheld in the chaos of battle. Walzer invites readers to ponder the weight of political responsibility and the consequences of intervention. His exploration of just war theory ignites debate on the morality of military action, making us confront uncomfortable truths about human nature. Engage with this critical discourse and discover how morality and war intersect in ways that will reshape your understanding of global conflicts.
'How to Read a Book' transforms the act of reading into an art form, guiding readers to engage deeply with texts. Mortimer J. Adler and Charles Van Doren reveal techniques that elevate mere reading to insightful analysis and comprehension. This book introduces a systematic approach to different genres, encouraging readers to ask critical questions and reflect on their understanding. With practical advice and thought-provoking insights, it empowers readers to become active participants in the learning process. Journey beyond passive reading and unlock the secrets to true literary appreciation!
In 'Troublemakers', Leslie Berlin delves into the untold stories of Silicon Valley's pioneers, revealing how their audacity and vision sparked a technological revolution. Each chapter showcases the unique challenges and triumphs faced by these innovators, painting a vivid picture of the relentless spirit that drives progress. From the highs of groundbreaking success to the lows of devastating failures, Berlin captures the human element behind the tech giants. With a blend of personal anecdotes and historical insights, this book invites readers to reflect on the cost of innovation. Are you ready to uncover the secrets of the troublemakers who reshaped our world?
In 'Why Nations Fail', Daron Acemoglu and James A. Robinson unravel the deep-rooted reasons behind the success or failure of nations across the globe. They argue that it is not geography or culture, but rather political and economic institutions that determine a country's fate. Through compelling historical examples, the authors illustrate how inclusive institutions foster prosperity while extractive ones lead to poverty and chaos. The book challenges readers to reconsider the factors that shape our world and ignites a discourse on how we might build better systems for the future. Prepare to delve into the complex interplay of power and economics that shapes nations.
Download our mobile app to enjoy your favorite books on the go. Get access to exclusive features, offline listening, and personalized recommendations.
