Neoliberal orthodoxy holds that economic freedom is the basis of every other kind. That orthodoxy, a Nobel economist says, is not only false; it is devouring itself.
And it is this broad notion of freedom that has been given short shrift by powerful strands in modern economic thinking"notably the one that goes by the shorthand term neoliberalism, the belief that the freedom that matters most, and from which other freedoms indeed flow, is the freedom of unregulated, unfettered markets.
"more people are now part of the middle-class than not."
The median per-capita household income is only $2,920 per year. www.zippia.com
Nice "middle class." Dumbass.
Your definition of middle class was designed to answer this research question:
The choice between these various approaches depends on the purpose at hand. As I am
interested in whether the emerging Asian middle class can compensate for falling growth in the
US middle class, it makes sense to take an absolute approach with a common threshold range for
all countries. It would make no sense to compare Indians earning USD2 per day with Americans
earning USD50 per day and claim that both are comparable in terms of purchasing power, and as
drivers of global growth, because both are middle class.
www.oecd.org
Do you acknowledge falling growth in the U.S. middle class?
If you don't, then this definition doesn't work.
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