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While recent research suggests low income earners remain the hardest hit, a report by the Organisation of Economic Co-operation arguesvelopmenthatECD) argues that lowering inequality improves economic growth and measures, such as the government's increased spending on childcare, is the best way to both lower inequality while fostering economic growth.
This straight reading of the record raises the fundamental question: if the core of progressive policies did not succeed in raising wages and lowering inequality for the past six years, why should the voters have any interest in suffering for another four to eight?
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Other countries, like fast-growing Brazil, have shaped them in ways that have lowered inequality while creating more opportunity and higher growth.
On the other hand, higher progressivity levels give rise to lower inequality of after-tax incomes and, therefore, lower dispersion of optimal consumption levels across individuals of different types, and more importantly, as the numerical results reveal, higher levels of leisure.
Notwithstanding its current economic turmoil, Brazil's policy of linking minimum wage growth with inflation and economic growth dramatically lowered inequality in the first decade of the 21st century.
Quality education is critical for creating equal opportunities for all children, which in turn can lower inequalities and promote gender equality.
In other words, what happened in western Europe and North America between roughly 1917 and 1975 – when capitalism did indeed create high growth and lower inequality – was something of a historical anomaly.
And: The combined direct and indirect effects of redistribution — including the growth effects of the resulting lower inequality — are, on average, pro-growth.
Countries and times with lower inequality fare better on virtually every published index of health, well-being and quality of life.
There is strong evidence that economies perform better with a tight labour market and, as the International Monetary Fund (IMF) has shown, lower inequality (and the former typically leads to the latter).
Indeed, Latin America is one of the few developing regions to have witnessed lower inequality since the 1990s.According to Mr Maskin's theory, better schooling can take much of the credit.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com