The Great Recession, which began in 2008, was an economic upheaval the likes of which had not been seen since the Depression 80 years prior. In a new study which compares the lead-up to the Great Recession with the Great Depression, Michael Kumhof (with Romain Ranciere and Pablo Winant),  finds that the growing inequality and the … Continue reading Income inequality causes higher debt leverage among all but the richest households, and makes economies more vulnerable to financial crises.