My and Russ’s GMU colleague John Nye writes eloquently and wisely about income differences and the quest for status and “positional goods.” Here’s a key passage:
But ironically, the very economic growth that has fostered greater material equality of consumption in the industrial era, and the expectations of continued improvements in both absolute welfare and relative equality that have accompanied this growth are likely to make the perception of inequality worse no matter what the data can be made to demonstrate.
