Tyler Cowen had a popular piece in the New York Times last week in which he agued that assortative mating (rich marrying rich, poor marrying poor) reinforces income inequality. As in his book "Average Is Over," I think Cowen makes an important mistake in his column, though it is a mistake nearly everyone involved in discussions of distribution makes all of the time.
The single largest problem with the Libertarians who ascribe to the “free market” solution to every problem is that they can not see the forest for the trees. As members of a “market based economy” they leap to the conclusion that it akin to nature and operates independently of human interaction. This leads to the nonsense that any Government oversight or regulation of the same “distorts the free market” and thus leads to the market distortions.
This is absolute 100 percent NONSENSE. That “Free market” is not a natural thing. It is 100 percent a human agency and acts based upon the laws and regulations Governments pass. The concept of “Private property” as example is something enacted by a law Humans passed just as is the concept of “inheritance”. Money and interest rates , wages paid for work, the difference between labor and Capital and the worker and the investor are all artificial constructs. How that system is designed by those in power dictates who will prosper and who will not prosper and the rules are made by those that control the greatest wealth.
By design those in power and with the wealth have constructed the system so as to ensure they maintain that power and that wealth. There IS no “free market” and the very premise that Governments can only act as the “free market” dictates rather then DIRECT the same is idiotic.
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Precisely why entertainer Trump is leading the corporate GOP wannabe pack.
I believe that inequality is the result of overlapping C.E.O.s of the country’s major corporations that have supported the obscene salaries that they give each other. That has been going on for many decades.
You got my “like”. We build bridges to ‘libertarians’ possibly with sufficient grace from sensing trees. More to gain from common ground than standing in circles and shooting.
You, “…worker and the investor are all artificial constructs…” Yes!!
A sense of momentous powerlessness to overcome with our brother & sister libertarians (who feel similarly), in addition to anarchists, elders, architects, etc. Caution around ethnic/ religious/ political generalizations, may miss trees for forest diluting message. Do continue…
“Distributive Institutions” is so generic and as a sound bite is misleading or you don’t understand what you mean. It is in the public domain of “we the people” just like government is “we the people”.
This is another name calling that is ununderstandable just in the words and why democrats and progressive never win arguments or public understanding.
These are all public agencies that are suppose to be working for the people but the politicians and agency personnel are being corrupted by money to distort public interest for the “welfare” of the rich.
State it like it is.
Breathtaking gibberish passing itself off as an informed opinion.