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Homelessness and Inequality

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  • Mary Cleveland

Abstract

Homelessness and housing insecurity in the United States are not so much a housing problem or a poverty problem as a visible sign that growing wealth inequality has left millions of people unable to earn enough to afford adequate housing. The classical economists David Ricardo and Henry George linked wealth inequality by arbitrage to unequal income and wages. The greater the inequality of wealth, the greater the inequality of income and the lower the wages at the bottom. Neoclassical economics has largely obscured this relationship. Consequently, proposals from both conservatives and liberals to address homelessness focus narrowly on housing. Ultimately, reducing wealth inequality requires national tax reform and a return to vigorous antitrust enforcement. However, cities can reduce local inequality by making property tax assessments uniform, or, better yet, by shifting to taxing land only.

Suggested Citation

  • Mary Cleveland, 2020. "Homelessness and Inequality," American Journal of Economics and Sociology, Wiley Blackwell, vol. 79(2), pages 559-590, March.
    • Handle: RePEc:bla:ajecsc:v:79:y:2020:i:2:p:559-590
    DOI: 10.1111/ajes.12327
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    References listed on IDEAS

    as
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    5. Wojciech Kopczuk & Emmanuel Saez & Jae Song, 2010. "Earnings Inequality and Mobility in the United States: Evidence from Social Security Data Since 1937," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(1), pages 91-128.
    6. Steckel, Richard H, 1990. "Poverty and Prosperity: A Longitudinal Study of Wealth Accumulation, 1850-1860," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 275-285, May.
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