The new age of inequality and The new age of inequality and what it means for education:what it means for education:

economics and sociologyeconomics and sociology

Middlebury CollegeMiddlebury College--

January 2016January 2016

Introductory hedgesIntroductory hedges• My perspective: future of educationMy perspective: future of education• Caveat1: some of the data is Caveat1: some of the data is

controversial or provisionalcontroversial or provisional• Caveat2: narrow scope of economic Caveat2: narrow scope of economic

inequalityinequality• Caveat3: narrow scope of United Caveat3: narrow scope of United

StatesStates

1.1.The macroeconomic The macroeconomic picturepicture

http://www.newyorker.com/news/john-cassidy/pikettys-inequality-story-in-six-http://www.newyorker.com/news/john-cassidy/pikettys-inequality-story-in-six-chartscharts

The top takes offThe top takes off

AlfredsAlfreds

The top takes offThe top takes off

Emmanuel Saez, Gabriel Zucman and Thomas Piketty (2016), Emmanuel Saez, Gabriel Zucman and Thomas Piketty (2016), https://www.washingtonpost.com/news/wonk/wp/2016/01/06/what-top-reshttps://www.washingtonpost.com/news/wonk/wp/2016/01/06/what-top-researchers-discovered-when-they-re-ran-the-numbers-of-income-inequality/earchers-discovered-when-they-re-ran-the-numbers-of-income-inequality/

Long-term trend: Long-term trend: hollowing out hollowing out the middle classthe middle class

Causes: no consensusCauses: no consensus

GlobalizationGlobalization De-industrialization, rise of serviceDe-industrialization, rise of service (related) De-unionization(related) De-unionization ““Supermanagers” (Piketty)Supermanagers” (Piketty) Winner-take-all economy (Frank + Winner-take-all economy (Frank +

Cook)Cook) Financialization (Arrighi)Financialization (Arrighi) Market-focused, or neoliberal ideologyMarket-focused, or neoliberal ideology

Causes: widespread Causes: widespread automation?automation?

Causes: widespread Causes: widespread automation?automation?

Goldin and Katz, Goldin and Katz, The Race Between The Race Between Technology and EducationTechnology and Education (2010): (2010):

““[I]f the supply of skills does not [I]f the supply of skills does not increase at the same pace as the increase at the same pace as the needs of technology, then groups needs of technology, then groups whose training is not sufficiently whose training is not sufficiently advanced will earn less and be advanced will earn less and be relegated to devalued lines of relegated to devalued lines of work, and inequality with respect work, and inequality with respect to labor will increase.” (305)to labor will increase.” (305)

Changes in job typesChanges in job types

Decoupling of aDecoupling of aDecouplinDecoupling of g of income income from workfrom work

Restructuring Restructuring distributiondistribution

Inflection of racismInflection of racism

Demographics starting Demographics starting upup

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