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Death by a Thousand Cuts: Financial Innovation and Income Inequality

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  • William Redmond

Abstract

Financial innovations come in a spectrum of sizes and complexities. This paper deals with the sorts of small-scale, noncomplex innovations that are frequently used by low and lower middle class individuals. These come in many versions, and a given individual may use five or ten. While no single one of these innovation likely makes a significant difference in income inequality, cumulatively they may cost a household thousands of dollars a year. When taken across millions of households, the effect is to materially increase inequality. Small-scale financial innovations are not just a case of making the less well-off even worse off. Money moves up the ladder.

Suggested Citation

  • William Redmond, 2014. "Death by a Thousand Cuts: Financial Innovation and Income Inequality," Journal of Economic Issues, Taylor & Francis Journals, vol. 48(2), pages 413-420.
    • Handle: RePEc:mes:jeciss:v:48:y:2014:i:2:p:413-420
    DOI: 10.2753/JEI0021-3624480215
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    Cited by:

    1. Zhian Zhiow Augustinne Wong & Ramez Abubakr Badeeb & Abey P. Philip, 2023. "Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 471-503, September.

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