A Financial Times Book of the Year

“The strongest documentation I have seen for the many ways in which inequality is harmful to economic growth.”
—Jason Furman

“A timely and very useful guide…Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift.”
—New Yorker

Do we have to choose between equality and prosperity? Decisions made over the past fifty years have created underlying fragilities in our society that make our economy less effective in good times and less resilient to shocks, such as today’s coronavirus pandemic. Many think tackling inequality would require such heavy-handed interference that it would stifle economic growth. But a careful look at the data suggests nothing could be further from the truth—and that reducing inequality is in fact key to delivering future prosperity.

Presenting cutting-edge economics with verve, Heather Boushey shows how rising inequality is a drain on talent, ideas, and innovation, leading to a concentration of capital and a damaging under-investment in schools, infrastructure, and other public goods. We know inequality is fueling social unrest. Boushey shows persuasively that it is also a serious drag on growth.

“In this outstanding book, Heather Boushey…shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit.”
—Martin Wolf, Financial Times

“Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong.”
—David Rotman, MIT Technology Review

"For a long time, the argument over inequality was about whether it was the price that had to be paid for a dynamic economy. In this outstanding book, Heather Boushey…turns this upside down. She shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit." - Financial Times

"A timely and very useful guide…Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift." - New Yorker

"Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong." - MIT Technology Review

"From one of Washington’s most influential voices on economic…a lively and original argument that reducing inequality is not only fair but also key to delivering broadly shared economic growth and stability." - Omidyar Network

"Brilliant…Boushey connects [the] dots in a remarkable and refreshing manner. Even for people who have studied the issue, the links and specific policy issues she identifies are illuminating…It is an important cautionary tale: we get the inequality that we choose, regardless of whether we are aware that we are making a choice." - Project Syndicate

"Offer[s] up an almost encyclopedic rendition of inequality’s impact on the U.S. economy…The depth of evidence that Boushey compiles is extremely impressive." - LSE Review of Books

"Lays out a powerful argument on how inequality harms growth, competition, and innovation." - ProMarket

"Piercing." - Next Avenue