Quotation of the Day…

by Don Boudreaux on May 14, 2017

in Inequality, Standard of Living

… is from pages 5-6 of Jean-Philippe Delsol’s excellent essay – “The Great Process of Equalization Continues” – which is Chapter 1 of the new (2017) English-language translation of the volume of collected essays edited by Delsol, Nicolas Lecaussin, and Emmanuel Martin, Anti-Piketty (link added):

imagesPeople who focus on inequality often seem to forget a historical fact: market economies have allowed a great many people to get rich and to get out of poverty.  The effect is unprecedented in history.  The American historian and economist Deirdre McCloskey calls it “the Great Enrichment” (2014, 76).

DBx: Considering what is indeed the historically unprecedented great enrichment that market economies have created for the masses, to complain about today’s differences in monetary incomes or wealth is akin to complaining about the color of a rescue ship that has just saved the lives of hundreds of people who were on the verge of drowning at sea.


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