Distributive Efficiency Let's discuss Abba Lerner’s concept of distributive efficiency. It’s an interesting exercise to calculate how much the United States loses -from a utilitarian point of view- from not redistributing. In order to do the calculations I’ve enlisted the help of my good friend Kieran Latty, whose work on this very question is almost … Continue reading The Cost of not Redistributing Money Part 1
Category: Welfare Economics & Inequality
Median incomes aren’t keeping up with growth- however closely you look
By now a lot of people are aware that median incomes haven’t moved all that much in a long time. Many people are even starting to accept that this is evidence the economy is buggered, from an ordinary person’s point of view. This distressing reality is pretty well communicated by this chart: However one occasionally … Continue reading Median incomes aren’t keeping up with growth- however closely you look
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