On the tax front, he [Joseph Stiglitz] wants to raise taxes on the highest earners and on capital gains, institute a carbon tax and a financial transactions tax, and cut corporate subsidies. But dealing with inequality isn’t just about taxation. It’s also about investing. As he puts it, ‘If we spent more on education, health, and infrastructure, we would strengthen our economy, now and in the future.’ So he wants more investment in schools, infrastructure, and basic research.

“If you’re a free-market fundamentalist, this sounds disastrous — a recipe for taking money away from the job creators and giving it to government, which will just waste it on bridges to nowhere. But here is where Stiglitz’s academic work and his political perspective intersect most clearly. The core insight of Stiglitz’s research has been that, left on their own, markets are not perfect, and that smart policy can nudge them in better directions.”

James Surowiecki, “Why the Rich Are So Much Richer,” in the New York Review, September 24, 2015, pp: 32-36.