Friday, October 24, 2008

"Spreading the Wealth" -- A Timely Reminder

Gene Fama reminds us:
First of all, “the wealth” is a Marxist fiction. There isn’t some large, limited pile of communal wealth that just happened to get allocated disproportionately to “the rich.” Wealth is created. The best economic systems encourage the creation of wealth, they don’t redistribute it—and make no mistake, at the extremes the two are mutually exclusive goals.
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