Liberty, Equality, Efficiency

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Inequality of outcome is a drag on economic growth according to recent studies by the IMF. "In short, what’s good for the 1 percent isn’t good for America. And we don’t have to keep living in a new Gilded Age if we don’t want to."


Efficiency, inequality, and the costs of redistribution [More...]
"Under the Kaldor-Hicks principle an outcome is efficient if the winners could compensate the losers. They don’t actually have to do it for the new outcome to qualify as efficient. So the winners of newly opened markets don’t have to compensate the workers who have lost jobs."
Why Inequality Matters and What Can Be Done About It [More...]
Inequality is not "natural", nor is it "just deserts": it is in large part a result of policy, which we can change. Economic inequality is harmful to democracy, because it causes political inequality.


Working people are far, far freer than slaves or indentured servants, but they are not as free as their bosses and not nearly as free as they might be. [...] In a society that is forever boasting of its dedication to democratic ideals, employees are, however affluent they may have become, members of a subordinate, unmistakably lower, class.
Richard Cornuelle, "The Power and Poverty of Libertarian Thought", Cato Policy Report Volume XIV Number 1, pp. 12-13.