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The Case for Consumption Equality

14 5 0
21.01.2020

NEW YORK – Discussions about economic development often focus on how to increase income equality. More recently, however, thoughtful observers have begun to regard consumption equality – the equal use of goods and services – as a more robust indicator of parity in human wellbeing. After all, it more accurately captures inequality as people experience it when they consume, and consumption can be affected by borrowing and saving, as well as by social safety-net programs.

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    But consumption equality is a double-edged sword. Although increased consumption by citizens of less-developed countries will improve the lives of millions, it will likely have negative consequences for the planet’s already stressed environment. Furthermore, reducing the high levels of individual consumption in richer countries may result in short-term economic pain until new........

    © Project Syndicate