Investing in Racial Economic Equality

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Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 20 July 2020

⏱️ 32 minutes

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Summary

America appears to be at a point of reckoning with its long history of social and economic racial inequality. How to close the large and persistent Black-white earnings and wealth gaps central to this inequality is not just Top of Mind, but one of the most pressing questions of our time. In this episode, Allison Nathan interviews Kerwin K. Charles, dean and professor at the Yale School of Management, for perspective on the magnitude of these gaps, their evolution over time, and what these trends suggest for effective policy solutions moving forward. And we dig into racial gaps in healthcare with Dr. John Z. Ayanian, director of the Institute for Healthcare Policy and Innovation at the University of Michigan; and access to capital and professional advancement with Margaret Anadu, the firm’s head of the Urban Investment Group. All are core areas that must be addressed if we’re serious about reducing economic inequities. Our key takeaway: overcoming these inequities will require a holistic approach from all areas of society, and coming together to achieve this goal is not only a moral imperative, but also essential for the health and vibrancy of our economy and our nation more generally. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	From Goldman Sachs research, this is Allison Nathan. Welcome to Top of Mind, a podcast that explores
0:06.0	macroeconomic issues on the minds of our clients.
0:18.0	In this episode, we're focusing on America's current reckoning with its long history of social and economic racial inequality.
0:27.1	The economic gaps between black and white Americans are stark and in many cases haven't improved in decades.
0:34.5	Black Americans, on average, experience higher levels of unemployment, earn lower wages,
0:39.9	and accumulate less wealth than white Americans. At this pivotal moment of loud and clear
0:45.6	rejection of this unacceptable status quo, the question of how to close the large and
0:51.1	persistent income and wealth gaps between black and white Americans is not just
0:56.2	top of mind, but one of the most pressing questions of our time with enormous implications
1:01.5	for our economic future and the future of America more broadly. To understand what we really
1:07.7	mean by the term income gap and its size and evolution over time,
1:12.1	we first turned to Kerwin Charles, Dean and Professor at the Yale School of Management.
1:17.3	To set things up, it's very important we keep certain terminologies clear that income consists
1:24.7	of flows the person receives over some point in time, say over a year.
1:30.5	And income can be of two sources.
1:32.4	It can be earned, if you call earnings or unearned income.
1:36.0	Say the receipts one gets from dividend payments.
1:39.9	Wealth is the sum total of all we own and minus all we owe.
1:47.0	Much of what we know by the income gap is in fact limited to a slice of income.
1:52.0	Earnings or wages or something like that.
1:55.0	The income we receive, the flows we receive by virtue of selling our labor.
2:00.0	For most people, earnings is a really good
	...

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