More research showing that extreme wealth inequality is unhealthy for society.
SSRN-Expenditure Cascades by Adam Levine, Robert Frank, Oege Dijk: "Prevailing economic models of consumer behavior completely ignore the well-documented link between context and evaluation. We propose and test a theory that explicitly incorporates this link. Changes in one group’s spending shift the frame of reference that defines consumption standards for others just below them on the income scale, giving rise to expenditure cascades."
