tag:blogger.com,1999:blog-5404820640426099135.post7755555449214394331..comments2023-10-31T00:46:35.316+13:00Comments on Anti-Dismal: But why does inequality matter? 2 (updated)Paul Walkerhttp://www.blogger.com/profile/13731003529546075700noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5404820640426099135.post-17831933732650476672014-02-07T16:55:40.811+13:002014-02-07T16:55:40.811+13:00Righto.
So I'm allowed to worry if some peop...Righto. <br /><br />So I'm allowed to worry if some people don't (have enough income to) consume enough, but I should ignore the income driver and not mention "inequality". <br /><br />Is that right?John Smallhttp://small-torque.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-5404820640426099135.post-28752948784562628962014-02-07T10:27:23.770+13:002014-02-07T10:27:23.770+13:00John. As to your first question, it is consumption...John. As to your first question, it is consumption that generates utility not income as such. As to the second, if the lower end of the consumption distribution is low then you may worry about that fact. But that is more of a Rawlsian argument than an inequality argument per sec.Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-5404820640426099135.post-36231787607192552912014-02-07T09:57:04.143+13:002014-02-07T09:57:04.143+13:00I'm missing something here.
Tim: why is cons...I'm missing something here. <br /><br />Tim: why is consumption inequality "the only one that matters"?<br /><br />Paul: any ideas as to why I should be more concerned about consumption inequality?John Smallhttp://small-torque.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-5404820640426099135.post-19592699489062699252014-02-03T07:05:37.298+13:002014-02-03T07:05:37.298+13:00Tim. You raise a good point, if we are to talk abo...Tim. You raise a good point, if we are to talk about inequality we have to ask inequality of what? Consumption or income is a good place to start that debate.Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-5404820640426099135.post-46158011921676904722014-02-02T23:53:42.875+13:002014-02-02T23:53:42.875+13:00An entirely cynical answer to why inequality is in...An entirely cynical answer to why inequality is in the news.<br /><br />"The left" has lost on every other economic argument we've ever had about anything. Markets don't lead inevitably to monopoly, a planned economy is not more efficient than a market one, there really is a Laffer Curve and you've can't go around taxing people at marginal rates of 70%.<br /><br />Etc, etc, etc.<br /><br />Therefore the only game left in town is to whine about inequality. But they never, never, start talking about consumption inequality which is, if we're going to worry about inequality at all, the only one that matters.Tim Worstallhttps://www.blogger.com/profile/13161727860817121071noreply@blogger.com