The economist Thomas Piketty argues in his bestselling book that income inequality is frequently perpetuated by the accumulation of large stocks of capital. That’s all the more reason to celebrate, once you remember that one person’s accumulation of capital is another person’s opportunity to earn a living.
Remember too that “the accumulation of capital” is a fancy phrase for “the conservation of resources”. To accumulate capital, you’ve got to spend less than your income, which leaves more goods available for the rest of us.
Rob Bradley remembers the late M.I.T. economist M.A. Adelman, who died last week at the age of 96. Rob continues his salute here (and leads off with this quotation from Adelman):
The distinction between renewable and non-renewable resources is tenuous and perhaps in the last analysis untenable.
Hispanics usually tend to vote more like whites than blacks, with high-income Hispanics trending Republican.