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To suggest that the U.S. abandon economic growth as a policy goal is a fairly far-reaching proposal. Bok concedes as much—“The implications of this critique are profound”—but he insists that all he’s doing is attending to the data. He takes a similarly provocative and, again, empirically driven position in a chapter titled “What to Do About Inequality.” His answer is, in a word, “Nothing.”
It’s true, Bok acknowledges, that rich Americans tend, on average, to be happier than poor ones. It’s also true that the incomes of the country’s top earners have, in recent decades, grown several times as fast as those of the earners at the bottom. But the statistics show that, over the past few decades, the subjective well-being of those at the bottom has remained unchanged. If the poor aren’t bothered by the growing disparity, Bok asks, why should anyone else be?
“The most obvious reason for deploring income inequality is our instinctive sympathy for those who must make do with many fewer goods and services,” he observes. “It is not immediately clear, however, why growing inequality should elicit such compassion if lower-income Americans themselves have not become less happy.