Falling Behind: How Rising Inequality Harms the Middle Class PDF
Preview Falling Behind: How Rising Inequality Harms the Middle Class
Praise for Robert Frank’s Falling Behind “I’ve been a skeptic. Bob Frank is persistent. He’s beginning to convince me.” Thomas C. Schelling, author of The Strategy of ConXict and 2005 Nobel Laureate in Economics “In this century, distributional concerns will top the policy agenda. This masterful essay will change how you think about them.” Paul Romer, Stanford University “The arguments here are powerful and multidisciplinary. The crux is explaining how rising economic inequality causes harm to the middle class. . . . This is a gem of a book.” Lee S. Friedman, Professor of Public Policy, University of California, Berkeley “In this lively, provocative book Wlled with memorable new exam- ples, Bob Frank goes beyond his previous work (Luxury Fever, Winner-Take-All Society,and Choosing the Right Pond) and clariWes that ‘falling behind’ is a consequence not of envy but rather of the simple fact that a person’s evaluation of his own possessions ‘depends always and everywhere on context’—an unconscious comparison with his neighbor’s possessions or with his own pre- vious possessions.” Laurence Seidman, Chaplin Tyler Professor of Economics, University of Delaware Falling Behind THE AARON WILDAVSKY FORUM FOR PUBLIC POLICY Edited by Lee Ft·iedman This series is intended to sustain the intellectual excitement that Aaron Wildavsky created for scholars of public policy everywhere. The ideas in each volume are initially presented and discussed at a public lecture and forum held at the University of California. AARON WILDAVSKY, 1930-1993 "Your prolific pen has brought real politics to the study of budgeting, to the analysis of myriad public policies, and to the discovery of the values underlying the political cultures by which peoples live. You have improved every institution with which you have been associated, notably Berkeley's Graduate School of Public Policy, which as Founding Dean you quickened with your restless innovative energy. Advocate of freedom, mentor to policy analysts everywhere." (Yale University, May 19 93, from text granting thl! honorary degree of Doctor of Social Science) 1. Mi.uing Penon.r: A Critique ofPenonhood in the Social Science.r, by Mary Douglas and Steven Ney 2. The Bridge over the Racial Divide: Rising Inequality and Coalition Politiu, by William Julius Wilson 3· The New Public Management: Improving Resean-IJ and Policy Dialogue, by Michael Barzelay 4· Falling Behind: How Rising Inequality Harms the Middle Class, by Robert H. Frank 5. Godly Republic: A Centrist Civic Bluep1·int for Amer·ica :r Faith-Based Future, by John]. Dilulio, Jr. 6. Bounded Rationality and Politiu, by Jonathan Bendor 7· Taxing the Poor: Doing Damage to tbe Truly Disadvantaged, by Katherine S. Newman and Rourke L. O'Brien 8. Changing Inequality, by Rebecca M. Blank Failing Behind How Rising Inequality Harms the Middle Class Robert H. Frank WITH A NEW PREFACE UNIVERSITY OF CALIFORNIA PRESS Berkeley Los Angeles London EBSCOhost - printed on 12/4/2022 5:42 PM via . All use subject to https://www.ebsco.com/terms-of-use University of California Press, one of the most distinguished university presses in the United States, enriches lives around the world by advancing scholarship in the humanities, social sciences, and natural sciences. Its activities are supported by the UC Press Foundation and by philanthropic contributions fr01n individuals and institutions. For n1ore inforn1arion visit W\\rw.ucpress.edu. 1 University of California Press Berkeley and Los Angeles, California University of California Press, Ltd. London, England © 2007, 2013 by The Regents of the University of California ISBN 978-o-po-28052-6 The Library of Congress has cataloged an earlier edition of this book as follows: Libraty of Congress Cataloging-in-Publication Data Fr,mk, Robert H. Falling behind :how rising inequality harms the middle class I Robert H. Frank p. em. Includes bibliographical references and index. ISBN 978-o-sw-25188-s (cloth: alk. paper) ISBN 978-o-po-2 )2 52-3 (pbk. : alk. paper) 1. Middle class- United States-Economic conditions. 2. Income distribution-United States. 3· Consumption (Economics)-United States. 4-Equality-Economic aspects- United States. I. Title. HT69o.U6F73 zoo7 305.5 50973-dc22 Manufactured in the United States of America 21 21 20 19 18 17 16 15 14 I] 10 9 8 7 6 4 In keeping with a commitment to support environmentally responsible and sustainable printing practices, UC Press has printed this book on Rolland Envirotoo, a 100% post-consumer fiber paper that is FSC certified, deinked, processed chlorine-free, and manufactured with renewable biogas energy. It is <lcid-free and EcoLogo certified. CONTENTS Preface to the 2013 Edition VII Preface to the 2007 Edition XJX I. Introduction I 2. Recent Changes in Income and Wealth Inequality 6 3· Inequality, Happiness, and Health 15 4· Envy or Context? 29 5. The Rising Cost of Adequate 43 6. Why Do We Care about Rank? 52 7. What Types of Consumption Are Most Sensitive to Context? 6r 8. How Can Middle-Class Families Afford to Keep Up? 78 9· Smart for One, Dumb for All 87 ro. Looking Ahead 95 r I. Lessons for Public Policy I03 I 2. Reflections II7 Notes I27 References 133 Index
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