Paul Krugman: Greg Mankiw Forgets 'We Are A Much More Unequal Society Now'

Paul Krugman thinks Harvard economist Greg Mankiw forgot an important detail in his new paper, "Defending The One Percent": Social inequality just keeps growing.

The Nobel Prize-winning economist and New York Times columnist wrote in blog posts Saturday and Sunday that rising social inequality makes it less likely for children born into poor families to earn more money later in life. Krugman illustrates this point with a chart from Miles Corak, an economics professor at the University of Ottawa, that shows a widening gap between how much money the rich and poor spend on their children.