Monday, January 04, 2016

Not so simple …

… Economic Inequality. (Hat tip, Dave Lull.)

If the rich people in a society got that way by taking wealth from the poor, then you have the degenerate case of economic inequality where the cause of poverty is the same as the cause of wealth. But instances of inequality don't have to be instances of the degenerate case. If one woodworker makes 5 chairs and another makes none, the second woodworker will have less money, but not because anyone took anything from him.
This is surely a must-read given the extent to which the phrase "economic inequality" will be used during this election year both by politicians and by journalists.

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