Quantcast
Channel: Inequality Archives - Cafe Hayek
Viewing all articles
Browse latest Browse all 370

Quotation of the Day…

$
0
0

… is from page 325 of the 2016 second edition of Thomas Sowell’s excellent volume Wealth, Poverty and Politics (footnote deleted; original emphases):

There is, however, a fundamental difference between a fixed structure and a fluid process. [Thomas] Piketty glosses over the process in which people’s incomes change very substantially over the course of their lives – or even in the course of just one decade. More than half of all taxpayers moved to a different income quintile between 1996 and 2005, and the same was true in the preceding decade. Piketty’s crucial misstep has the effect of verbally converting a fluid process over time into a rigid structure, with a more or less permanent top one percent living isolated from the rest of society that is supposedly subject to their influence. It is a vision divorced from demonstrable facts, however consonant it may be with prevailing preconceptions.

The post Quotation of the Day… appeared first on Cafe Hayek.


Viewing all articles
Browse latest Browse all 370

Latest Images

Trending Articles



Latest Images