David Lay Williams — Where Adam Smith and Occupy Agree: Inequality

There is a growing consensus in the U.S. that economic inequality isn't simply a minor nuisance resulting from a largely just system. Although their solutions differ considerably, both Democratic and Republican presidential candidates have acknowledged the existence of economic inequality and the need to address it in some fashion. As French economist Thomas Piketty has outlined, the issue is a stubbornly pervasive condition in modern economies. This is understood by much of the public today. What is less well-known is that the seminal advocate for the free-market economy, Adam Smith, was aware of economic inequality and offered one of the first critiques of the complications it introduces into social and political life.

Bloomberg View
Where Adam Smith and Occupy Agree: Inequality
David Lay Williams | professor of political science at DePaul University in Chicago

ht Mark Thoma at Economist's View

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