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We cannot reason inequality away

For some people, falling into poverty is all but impossible

Harar in eastern Ethiopia: The 10 richest people in the world have roughly the same income as the population of the African state. © Mariusz Kluzniak

Thanks to the unprecedented attention that Thomas Piketty’s Capital in the 21st Century has received from thought-leaders, newspaper columnists and research economists, inequality is in vogue.

It is beyond dispute that extreme poverty, defined as the percentage of…

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