Monday, May 17, 2004

Social Welfare, Relative Preference, and Rule of Law

What effects do the above have on our lives?  Richard Epstein, in a piece published by the Hoover Digest, takes a look.

"In ordinary life, most people understand the tension between wealth creation and wealth distribution. In ordinary business, managers must always cope with massive income disparities within their workforce. Yet most Microsoft employees do not get terribly upset that Bill Gates is richer than they are. They live happy and rewarding lives even knowing that someone out there is worth north of $80 billion (much of which is devoted to charitable purposes in any event). On the other hand, if the good-for-nothing in the next cubicle earns five dollars more an hour than you do, that could be the source of great indignation, uneasiness, and unhappiness. What’s going on? Are people crazy?

“Are people crazy?” Somewhat, I’d say.

The piece is titled “Defining Social Welfare--And Achieving It."

Via Arts & Letters Daily.

Posted by John Venlet on 05/17 at 02:51 AM
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