Monday, August 31, 2015

David F. Ruccio — The idea that we shouldn’t be concerned about inequality is bullshit

I think that "inequality" is the wrong term and concept here. The opposite inequality and none of the parties to the debate is arguing for equality of income or wealth. The problem is not resolved just by giving the poor more since the issues are broader and deeper. The problem is not "inequality," but asymmetry and disparity.

Asymmetry and disparity affect not only individual but also systemic functioning. This is both immoral and uneconomic and the two should be kept distinct since one is chiefly a normative issue and the other a factual one.

Better to emphasis basic rights along with systemic asymmetries and social disparity that results in privilege at the top and exclusion from the system at the bottom, both unmerited for the most part. The result is social, political and economic dysfunction.

In addition, there needs to be a distinction drawn between needs and wants. Basic needs that are vital are matters of right instead of merit in situations in which they can be met. Disparity in satisfying wants is not itself crucial. The issues resulting from disparity of wealth and income relate more to the resultant social, political and economic asymmetries that lead to systemic dysfunction.

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The idea that we shouldn’t be concerned about inequality is bullshit
David F. Ruccio | Professor of Economics University of Notre Dame Notre Dame

See also

Capitalism—a love story

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