Gosh, UNH professors seem to be making news lately.
Raven is not
impressed with the latest one.
But Raven, bless her, also points out one of the
funniest online videos
I've seen recently. (Apparently there's still one person
in France with a sense
of humor. Who knew?)
And Will Wilkinson continues to make more sense than a bushel of
economists on the issue of inequality.
I think part of the problem is that nominal inequality is confused with
material inequality.differences in material living
conditions. But while nominal inequality is increasing, material
inequality continues to decrease. As market competition
pushes prices down, goods at the bottom of the price range more
and more closely approximate goods at the top of the price
range. (Which is why efficiency and equality are complements.) Food
is probably the most striking example of material
equalization. If you compare the diets of the top and bottom quintiles
100 years ago with the diets of the top and bottom quintiles now, you.ll
see that we have become immensely more equal, not less. My favorite pair
of jeans, which I bought at Wal-Mart for $16, is a close
substitute for jeans that cost 5 times more.
But that's only one good point among many; read the whole thing. Really.
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