Wednesday, April 23, 2014

What Does the Term "Inequality" Mean?

The assumption I take from the depiction of Thomas Piketty’s book – the radicalism of which David Harsanyi details today – is that we are talking about income inequality in the aggregate. There are lots of people, you see, and there are a ton of them who make very little money, and there is a smaller amount who make slightly more money, and then there is an even smaller amount who make slightly more than them, and then there is a very tiny amount who make a good bit more than them, and then there is an even tinier amount who have the ability to swim in vast vaults of golden coins while dressed in their smoking jackets.
From the left’s perspective, this is a negative ramification of capitalism. In reality, it ought to be considered one of its virtues. This inequality of outcome was historically driven by hardened class systems – not so in a free market economy.
Lorda mercy this is a good read.  Here's another jewel:
The left continues to operate on an a priori assumption that income inequality/wealth concentration is a bad thing, because of those riches backstroking through their money. But that’s just a jealousy trope. Upon closer inspection, you’ll see that income inequality and wealth concentration don’t inhibit economic mobility; they don’t inhibit economic growth; and they are not detrimental to democracy or to human liberty. 

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