Mainstream assumes the distribution of wealth and income is "correct". Because it's in equilibrium, of course.
While the subject of political economy is still a major field of academic thinking in Europe, attn was shifted in American universities to"pure"economics, leaving out economics of income distribution. US Fed an example:no thought at all to wealth distribution effects of QE https://twitter.com/GoogleWare/status/984251144238239744 …
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Such a great point, and such a tragic historical development for our country. Adam Smith would roll in his grave.
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yellen + powell both aware . fed not mandated with income distribution . would have to be tasked by congress .
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You give Europeans far too much credit. Anyway, economists should be value free when it comes to distribution, that is for politicians. Informing how to generate increased growth through income generation (wherever it accrues), is the economist’s job.
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Another symptom of too much power in the hands of a few. Buy a few terrorist, politicians , banks and news organizations and run the world the way you want. Sounds like a recipe for another trouble.
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