Neoliberal theory rationalizes inequality as both 1) necessary for growth and 2) offset by a trickle down to lower income groups. However, benefits from income growth failed to reach most of the population for the last several decades in the United States. Instead, a negative trickle down has...

Substantial increases in income inequality contributed to the financial crisis of 2008 according to many researchers. We focus here on negative externalities from inequality that make financial well-being decline more rapidly than real income measures indicate. Housing, with its relatively...