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economic inequality

Inequality Is A Non-Issue (Part 1)

in Economics by

A large number of people are convinced that rising inequality between the rich and the poor is the primary driver of the ills that plague our society.  Both the #Occupy movement that arose after the housing bubble burst, and the fervent support for the self-proclaimed socialist Bernie Sanders, are proof of this. This opinion is backed by supposed logic and apparent economic law that can be articulated in ways that are quite convincing.  I recently came across an article that attempts to prove the thesis that capitalism generates inequality, and which offers a policy proposal (addressed in Part 2) that will alleviate it.  The author does so in a way that will be perceived as fair, reasoned, and possibly even correct to the lay reader.  Such an article must be refuted. The author begins: “At least nominally, capitalism embodies and sustains an Enlightenment agenda of freedom and equality. Typically there is freedom to trade and equality under the law, meaning that most adults – rich or poor – are formally…

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