In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption.

The best solution to income inequality is providing a high-quality education for everybody. In our highly technological, globalized economy, people without education will not be able to improve their economic situation.

Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.

Economic science concerns itself primarily with theoretical and empirical generalizations about the behavior of individuals, institutions, markets, and national economies. Most academic research falls in this category.

Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.

In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.