But proposing to close the "wealth gap" is worse than silly. It entails a lie. The notion of economic equality is based on an ancient and ugly falsehood central to bad economic thinking: There's a fixed amount of wealth. Wealth is zero-sum. If I have too many cups of tea, you have to lick the tea pot. But wealth is based on productivity. Productivity is expandable. Otherwise there wouldn't be any economic thinking, good or bad, or any tea or tea pots either.
Sunday, October 30, 2011
P.J. O'Rourke on Why "Closing the Wealth Gap" is a Bad Idea
P.J. O'Rourke explains why efforts to close the "wealth gap" are a a bad idea and destined to fail, as they have everytime they've been tried. This gets to the heart of the matter:
Read the whole thing.