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The Pareto Problem
MikeDamone
Member, Swaye's Wigwam Posts: 37,781
in Tug Tavern
A Facebook post about the evils of income inequality reminded me of this article.
Income inequality always grows when poverty is reduced, and the reason is simple - production follows a Pareto Distribution, and the distribution of wealth follows the same distribution. All do better under free markets, but not on an equal basis.
Those who produce the most, in a free society, also earn the most, and since we have a family-based social framework, residual income is inherited.
But the good news is that inherited wealth is often squandered. Back when we had a free market economy, there was even a saying about that: “Shirt sleeves to shirt sleeves in three generations.”
As long as income inequality is driven by free market dynamics, we should not be concerned with it. It’s when corruption makes people rich that we should be concerned.
By the way - how did Joe Biden get rich? How did his son Hunter get rich? Hint - it was not by producing anything....
https://globallibertymedia.com/the-pareto-problem/
Income inequality always grows when poverty is reduced, and the reason is simple - production follows a Pareto Distribution, and the distribution of wealth follows the same distribution. All do better under free markets, but not on an equal basis.
Those who produce the most, in a free society, also earn the most, and since we have a family-based social framework, residual income is inherited.
But the good news is that inherited wealth is often squandered. Back when we had a free market economy, there was even a saying about that: “Shirt sleeves to shirt sleeves in three generations.”
As long as income inequality is driven by free market dynamics, we should not be concerned with it. It’s when corruption makes people rich that we should be concerned.
By the way - how did Joe Biden get rich? How did his son Hunter get rich? Hint - it was not by producing anything....
https://globallibertymedia.com/the-pareto-problem/