Inequality Distorts Markets

I’m surprised by what is missing in popular debates about economic inequality. A few arguments get repeated over and over — namely, that nobody could possibly work hard or smart enough to deserve billions and, in reply, that envy and resentment of the rich is a poor basis for policy. But many other, equally obvious and pressing arguments are ignored. This is my attempt to articulate one of those arguments, one which strikes me as both…

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