Robert Shiller is one of the few premier-league economists I have seen and heard in person. That’s not the reason why I’m quoting him though:
Those on the downside of rising economic inequality generally do not want government policies that look like handouts… Redistribution feels demeaning. It feels like being labeled a failure. It feels unstable…
The desperately poor may accept handouts, because they feel they have to. For those who consider themselves at least middle class, however, anything that smacks of a handout is not desired. Instead, they want their economic power back. They want to be in control of their economic lives.
But how can they regain control without wrecking the economy or acquiring skills and mindsets impossible to acquire after the passage of youth?