I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.

For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price.

When Donald Trump campaigned for president, he told the American people that he would be a different type of Republican, that he would take on the political and economic establishment, that he would stand up for working people, that he understood the pain that families all across this country were experiencing. Well, sadly, it was just cheap and dishonest campaign rhetoric that was meant to get votes, nothing more than that.

Twenty per cent of American children grow up in poverty, and that means they get inadequate nutrition, inadequate health care, and because we have a very local education system, they get inadequate access to education. With those as a starting base, you perpetuate inequality. That's why, here in New York, Mayor de Blasio has made a big deal of trying to focus on preschool education, because by five years old, there are already huge differences. We've finally begun to recognize it.

I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"

People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness.

The country that's been most successful at that is Norway. The more typical countries are those in the Middle East where a small group seizes those resources, uses it to buy arms to make sure that they can oppress the remainder, and you get these great inequalities. So Canada is among the better performing of the natural resource economies, but it's still not up to the best performing.