Till van Treeck is professor of social economics at the University of Duisburg-Essen, Germany. He is also a senior research fellow at the Macroeconomic Policy Institute (IMK) in Duesseldorf, Germany. Till obtained degrees in economics and political science from the Institut d’Etudes Politiques de Lille, France, the University of Muenster, Germany, and Leeds University Business School, UK. Till is managing academic director of the Research Institute for Science-Based Societal Development (FWGW) in Duesseldof, Germany. Besides, he is a member of the organizing committee of the Research Network Macroeconomics and Macroeconomic Policies (FMM) and managing co-editor of the European Journal of Economics and Economic Policies (EJEEP). His research interests include income distribution from a macroeconomic perspective, European and German economic policy, and economics education. His work on inequality as a cause of macroeconomic instability was funded by the International Labour Organization (ILO) and the Institute for New Economic Thinking (INET).
Till van Treeck
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The inequality of income and wealth is one of the defining issues of our time, in terms of both its social and macroeconomic implications. In this article, I focus on the macroeconomic implications of inequality. In particular, it is possible to identify four themes on which there seems to be growing consensus among many economists especially in the various heterodox traditions, but also increasingly in the mainstream of the economics profession:
Household economic surveys, such as the German Socio-Economic Panel, notoriously underestimate the degree of income and wealth inequality at the upper end of the distribution.
The Research Network Macroeconomics and Macroeconomic Policies (FMM) organises its 18th annual conference on Inequality and the Future of Capitalism with introductory lectures on heterodox economics for graduate students.
We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.
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