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However, William Dickens, university distinguished professor and chair of the department of economics at Northeastern, said that more analytics are needed before the report can amount to much.
“In general, I don’t think we learn much from this kind of data analysis, which is done without any theoretical foundation,” Dickens said in an email to The News. “What of relevance do we learn if we know that Boston has extreme income inequality that is mainly due to its large student population? One needs to approach the issue of income inequality with an eye toward identifying the causes and consequences and how to deal with the negative consequences. Most work by economists deals with these sorts of issues.”
According to Brookins, these numbers may present a bleak future for the City of Boston.
“Those are huge numbers and huge differences in the bigger picture it can assure what we have observed in the world that the rich get richer and the poor get poorer… can this society sustain if those numbers get worse?” Brookins said. “If we get to a ratio of 20 or so, I don’t think society would be sustainable.”
Tyler Morse, a student in the College of Professional Studies at Northeastern, has his own theory about the reason for those numbers.
“It’s the influx of foreign money mixed with the historical and commercial money that’s already in Boston,” Morse said. “There’s a reason people say Boston is blue collar, but there is more to it.”
Morse believes that a lack of new money in the Greater Boston Area is largely to blame for the city’s income inequality issue.
“It’s historical wealth from historical families of Boston, too,” Morse said. “It’s their legacies. But I think some of the inequality comes directly from wealthy foreigners, too. Both of those amounts of wealth just throw the whole balance.”
The gap is not merely an economic problem, Brookins pointed out. As it grows, it seeps into the sociopolitical sector.
“It has only been around for a few years that economists have begun to think about this,” Brookins said. “Now, it is virtually on everybody’s radar, given that this gap is widening. At what point does it reach a proportion that it is inoperable – that is, disposes a social and political problem?… Certainly, that number is heading in the wrong direction.”
News graphic by Robert Smith