You will prepare and submit a term paper on Analysis of Winner Takes All by Hacker & Pierson. Your paper should be a minimum of 1500 words in length. The transformative book on the topic definitely gives a new direction to the political thinkers and students working in the field to think about. The underlying assertive argument which the book revolves around states that the trends of income inequalities in the US can be explained via political reasoning i.e. the political system is designed to favor the powerful and thus, the accumulation of wealth is increasing for those who already are more privileged. Thus, Hacker and Pierson use various sources as well as statistical data to back their arguments which are similar to those lobbying for left-wing politics. However, the approach to addressing the issue and the rhetoric implied isn`t typical and mundane. Furthermore, critics have been pointing out flaws in a few arguments which will also be addressed in the review.
The book instantly appeals to the intellect of the audience by state brilliant arguments based on the work of Saez and Picketty. Though they use the data set applied by this economics yet they point out a flaw in their explanations. Hacker and Pierson point out that the inequality is too high to be explained by minute factors like technological changes. Narrating an excerpt from the book itself, they state.
“US real income per family grew at a modest 1.2% annual rate from 1976 to 2007. However, when excluding the top 1%, the average real income of the bottom 99% grew at an annual rate of only 0.6% which implies that the top 1% captured 58% of real economic growth per family during that period. (pg 5).
Also, they comment on similar trends emerging in other developed states where the income inequalities also show a tilt towards the privileged sector of the state. Thus, to fill in the vacuum left by these economists to explain these gaps, Hacker and Pierson argue that this where politics takes the lead and drives the market.
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