URPL-GP 4622 - NYU Wagner Graduate School of Public Service



URPL-GP 4622Wealth and Inequality: Asset Development and Poverty Reduction in the U.S.Fall 2018Instructor InformationTimothy OgdenEmail:timothy.ogden@nyu.eduPhone: 484.324.4272Office Hours: Students should not hesitate to request appointments as needed (via email or phone)Course InformationClass Meeting Times: Wednesdays, 6:45-8:35pmClass Location: Waverly 570Course Prerequisites MPA students have completed Intro to CORE-GP 1022 and CORE-GP 1018; planning students have completed URPL-GP 2608Course DescriptionCourse Description: U.S. wealth inequality has steadily risen since the 1970s, despite efforts to help low-wealth households build assets. This course will examine how public policy and private philanthropic efforts have attempted to boost the accumulation of assets--namely savings, home ownership, small businesses--among lower-income households. The course will review the drivers of growing inequality, the successes and failures of the asset-building movement, changes in the US economic context and how anti-poverty policy has and has not changed as a result. We will place the current U.S. situation in context, both historically and globally. The course will consider how effective policy addresses the factors undermining asset formation such as historic discrimination, predatory practices, consumer psychology and financial product availability. The course, which is participatory and interactive, will conclude with students conceptualizing their own policies (public or private) to address wealth inequality.Learning CommunityStudents are encouraged to collaborate and to share relevant information directly with each other, regarding, for example, articles or seminars related to the subject matter. Required ReadingsMorduch, Jonathan and Rachel Schneider. (2017) The Financial Diaries: How American Families Cope in a World of Uncertainty. Princeton University Press.Shapiro, Tom. (2017) Toxic Inequality. Basic Books.Additional weekly readings in links below or posted to NYU Classes. (Approximately 75-125 pages of reading per week.)Assignments and GradingGrading is designed to ensure learning and assessment throughout the course. Assignments should be uploaded to NYU classes before the class they are due. Late assignments will not be accepted. Please include your name on all assignments. Final assignments should include both names and the mailbox numbers of both authors.Written assignments should be concise, and will be graded on content and effective writing style. Assignments are as follows:Responses: 25% (5 at 5% each) Reading responses: Critical reactions and/or discussion points based on the readings. Responses should be 3 to 5 paragraphs (think blog post). Responses should demonstrate a thoughtful analysis of the readings, with an emphasis on connecting two or more pieces, and may include links to relevant articles or other resources. Partial credit will be awarded to responses that exclusively summarize reading content. Responses should be posted on NYU Classes by 5:00pm the night before class (Tuesdays). Only responses posted before this time will be given credit.Reflections: 30% (3 at 10% each)Reflections: Reflections should be 2-3 pages of single-spaced prose connecting ideas from multiple weeks of readings and class discussions, with an emphasis on new insights you’ve gained, or how your thinking has been influenced or changed. Final Assignment: 30%Policy Proposal Memo: A 5-7 page single-spaced memo proposing a public or private policy initiative to address wealth inequality. Due at the final class. Final Presentation: 15% A 5-7 minute presentation given during the final class on your policy proposal.Detailed Course OverviewOct. 24: Introduction and OverviewReadingsThe Financial Diaries, IntroductionToxic Inequality, Introduction“Nine Charts About Wealth Inequality in America”, Urban InstituteHow Wealth Inequality Has Changed in the US since the Great Recession, by Race, Ethnicity and Income, Pew Research CenterNunn, Parsons and Shambaugh, “The Geography of Prosperity”, The Hamilton Project Scott, “Take Your Pick” (Review of The Great Leveler by Walter Scheidel), London Review of Books, uploaded to NYU ClassesAssignments:Response 1: Three Paragraphs: What is Wealth, Why You Care, Most Effective PolicyOct. 31: Barriers 1: Incomes and BehaviorReadingsThe Financial Diaries, Chapter 1: EarningAspen EPIC, “Income Volatility—A Primer” Farrell, Greig, and Hamoudi, "The Online Platform Economy in 2018: Drivers, Workers, Sellers and Lessors." JPMorgan Chase Institute. Desmond, Matthew, “Americans Want to Believe Jobs Are the Solution to Poverty. They’re Not.” New York Times Magazine Mullainathan and Shafir, “Savings Policy and Decisionmaking in Low-Income Households” Theodos et al, “An Evaluation of the Impacts of Two “Rules of Thumb” for Credit Card Revolvers”, Urban Institute. Executive Summary, Chapter 1, Chapter 7, Chapter 8. Gilly, et al, “Temptation’s Itch: Mindlessness, Acceptance, and Mindfulness in a Debt Management Program” Beshears, et al, “Behavioral Household Finance”, Chapter 3 of Handbook of Behavioral Economics (Skim This, the point is to gain an overview of puzzles in consumer financial behavior and choices) AssignmentsResponse 2Nov 7: Barriers 2: Banking, Housing, Education ReadingsLisa Servon, Fresh Air interview Shapiro, Toxic Inequality, Chapter 4: The Inheritance AdvantageMorduch, Schneider and Ogden, “An Invisible Financial Sector: How Households Use Financial Tools of Their Own Making”, US Financial Diaries Richard Reeves, Book Talk on Dream Hoarders, Aspen Institute Faber and Friedline, “The Racialized Costs of Banking”, New America Badger and Bui, “In 83 Million Eviction Records, A Sweeping and Intimate New Look at Housing in America”, New York Times Williams and Emamdjomeh, “America is More Diverse than Ever—But Still Segregated”, Washington Post Emmons and Noeth, “Education and Wealth”, Essay No. 2, The Demographics of Wealth, Center for Household Stability Summaries: “Does College Level the Playing Field?” “Why Didn’t Higher Education Protect Hispanic and Black Wealth” Baker et al, “In Brief: The Real Shame of the Nation”, School Funding Fairness Project Guin, et al, “Do Districts Fund Schools Fairly?”, Education NextReich, Rob, “Not Very Giving”, New York Times AssignmentsResponse 3Reflection 1Nov 14: SavingReadingsMorduch and Schneider, The Financial Diaries, Chapter 4: SavingShapiro, Toxic Inequality, Chapter 5: The Hidden Hand of GovernmentMidgley, “Asset-Based Policy in Historical and International Perspective”, in Inclusion in the American Dream: Assets, Poverty and Public Policy, available on Google Books Morduch et al, “Savings Horizons”, US Financial Diaries Morduch et al, “Emergency Savings”, US Financial Diaries Rademacher, “The Assets Movement at a Moment of Reckoning”, Asset Funders Network Grinstein-Weiss et al, “Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment”, American Economic Journal: Economic Policy Greer, Levin, and Rademacher, “From Upside Down to Right-Side Up: Redeploying $540 Billion in Federal Spending to Help All Families Save, Invest, and Build Wealth”, Prosperity Now Azurdia and Freedman, “Encouraging Nonretirement Savings at Tax Time”, MDRC AssignmentsResponse 4Nov 28: Credit and Debt Rohan Mathew talkReadingsMorduch and Schneider, The Financial Diaries, Chapter 5: BorrowingHenderson, “Owning Real Estate Has Not Panned Out for Many African-Americans”, Pew Trusts Stateline Zinman, “Household Debt: Facts, Puzzles, Theories and Policies”, NBER Working Paper 20496 “Consumer Debt: A Primer”, Aspen EPIC “Patterns of Disparity: Small Business Lending in the Fresno and Minneapolis-St Paul Regions”, Woodstock Institute Klein, “Bridging the Divide: How Business Ownership Can Help Close the Racial Wealth Gap”, Aspen FIELD Klein and Okagaki, “The Price of Access: How Scale-Focused Microlenders are Pricing for Growth”, Aspen FIELD, uploaded to NYU ClassesAssignmentsResponse 5Reflection 2Dec 5: Deeper DivesReadingsMorduch and Schneider, The Financial Diaries, Chapter 7: Sometimes PoorJabali, “The Color of Economic Anxiety”, Current Affairs Hardy, Logan and Parman, “The Historical Role of Race and Policy for Regional Inequality”, Hamilton Project Reparations, TKTKAssignmentsReflection 3Dec 12: Final PresentationsAssignmentsPolicy Proposal MemoPresentationAcademic IntegrityAcademic integrity is a vital component of Wagner and NYU. All students enrolled in this class are required to read and abide by Wagner’s Academic Code. All Wagner students have already read and signed the?Wagner Academic Oath. Plagiarism of any form will not be tolerated and students in this class are expected to?report violations to me.?If any student in this class is unsure about what is expected of you and how to abide by the academic code, you should consult with me.Henry and Lucy Moses Center for Students with Disabilities at NYUAcademic accommodations are available for students with disabilities.? Please visit the Moses Center for Students with Disabilities (CSD) website and click the “Get Started” button. You can also call or email CSD (212-998-4980 or mosescsd@nyu.edu) for information. Students who are requesting academic accommodations are strongly advised to reach out to the Moses Center as early as possible in the semester for assistance.NYU’s Calendar Policy on Religious HolidaysNYU’s Calendar Policy on Religious Holidays states that members of any religious group may, without penalty, absent themselves from classes when required in compliance with their religious obligations. Please notify me in advance of religious holidays that might coincide with exams to schedule mutually acceptable alternatives.NYU’s Wellness ExchangeNYU’s Wellness Exchange has extensive student health and mental health resources. A private hotline (212-443-9999) is available 24/7 that connects students with a professional who can help them address day-to-day challenges as well as other health-related concerns. ................
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