Peter Temin is the Elisha Gray II Professor Emeritus of Economics at the Massachusetts Institute of Technology (MIT). He received his B.A. from Swarthmore College in 1959 and his Ph.D. in Economics from MIT in 1964. Professor Temin was a Junior Fellow of the Society of Fellows at Harvard University, 1962-65; the Pitt Professor of American History and Institutions at Cambridge University, 1985-86; Head of the Economics Department at MIT, 1990-93; and President of the Economic History Association, 1995-96. Professor Temin’s most recent books are The Roman Market Economy (Princeton University Press, 2013), Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700 (Oxford University Press, 2013, with Hans-Joachim Voth), The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It (Princeton University Press, 2013, with David Vines) Keynes: Useful Economics for the World Economy (MIT Press, 2014, with David Vines), and The Vanishing Middle Class: Prejudice and Power in a Dual Economy (MIT Press, 2017).
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Formerly incarcerated Black people emerge from prison with far less education and social skills than white ex-cons. And they have great trouble forming families or earning a good living.
Coming out of the Great Depression, America built a middle class, but systematic discrimination kept most African-American families from being part of it
Over and over again, US government policies designed to transfer and create wealth and economic opportunity were restricted to whites by design.
The Great Migration brought many freedmen to the North, and the reaction to that brought the Southern Mind to northern police officers as well.
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“Economic opportunity was further restricted by individual and institutionalized racism and political disenfranchisement. Discrimination in hiring by employers and intimidation of black workers through violence placed black workers at a direct disadvantage in the labor market,” Trevon Logan Peter Temin wrote in “Inclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration,” a working paper written for the Institute for New Economic Thinking.” — Coastal Review
“But to my surprise, The Atlantic article explained that MIT economist Peter Temin, in his book “The Vanishing Middle Class: Prejudice and Power in a Dual Economy,” not only delved into the contributing factors to poverty and economic inequality, he offered systemic solutions. This approach made the piece a must-read for me because at Gainesville for All, we’re all about finding systemic solutions to problems linked to race and poverty. Temin offered five proposals he believes can help tip the scales favorably for those stuck in the lower class.”— James F. Lawrence, Gainsville Sun
The younger generation, already saddled with student debt and uncertain jobs, will pay a high price as the crisis unfolds.
U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the erosion of human and social capital.