In November, University of Chicago’s Becker Friedman Institute for Research in Economics brought Thomas Piketty of the Paris School of Economics, University of Wisconsin-Madison’s Steven Durlauf, and Chicago Booth’s Kevin M. Murphy together to discuss the factors and mechanisms driving income inequality in the US.
Becker’s analysis would extend the reach of economics, and completely reshape the field—and social-science research in general, but it took decades to do so.
Inequality may be the economic issue of the moment, but the theme has long preoccupied economists.
Uncertainty is confounding by its very definition. In the economy, uncertainty can arise from a number of different corners, including wars, natural disasters, and, of course, government decisions—or indecision.