3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class

Chapters in this book

1. Frontmatter i
2. Contents v
3. Preface ix
4. Introduction 1
5. PART I: Inequality
6. 1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality 19
7. 2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome 48
8. 3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class 63
9. PART II: Microeconomics
10. 4. Companies Are Seldom as Good or as Bad as They Seem at the Time 95
11. 5. What’s So Special About Two-Sided Markets? 111
12. 6. Missing Money and Missing Markets in the Electricity Industry 131
13. 7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point? 159
14. 8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories 174
15. 9. Deleterious Effects of Sustained Deficit Spending 196
16. 10. The Rediscovery of Financial Market Imperfections 201
17. PART IV: Networks
18. 12. Use and Abuse of Network Effects 227
19. 13. Financial Contagion Revisited 240
20. 14. The Economics of Information and Financial Networks 277
21. PART V: Development
22. 15. Joseph Stiglitz and China’s Transition Success 309
23. 16. The Sources of Chinese Economic Growth Since 1978 323
24. 17. Knowledge as a Global Common and the Crisis of the Learning Economy 353
25. 18. Conservatism and Switcher’s Curse 377
26. 19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law 422
27. PART VII: Public Policies
28. 20. Joe Stiglitz and Representative and Equitable Global Governance 443
29. 21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan 457
30. 22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans 479
31. 23. The Public Economics of Long-Term Care 493
32. 24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics 508
33. List of Contributors 523
34. Index 531