Wednesday, February 13, 2019

Inequality: Cause and Effect



The inequality of income and fortunes is essential to capitalism; it is its source and its outcome. Diversity --variety--provides the impetus for competition. And some sorting out of value results. So inequality is both the unperceived cause the perceived effect of competition.
So competition reveals the truth.
Remember the observation by deTocqueville: I know of no other country where love of money has such a grip on men's hearts or where stronger scorn is expressed for the theory of permanent equality of property.

The effect in the U.S. is curious:


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