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Quotation of the Day…

… is from page 213 of the 1975 collection of some of Harry Johnson‘s essays, On Economics and Society; specifically, it’s from Johnson’s 1973 essay “Some Microeconomic Observations on Income and Wealth Inequalities”:

These misperceptions [of the sources and significance] of the problem [of income inequality] lead both to an exaggerated and naive concept of the importance and urgency of inequality, reflected in the use of such superficial and irrelevant statistics as “the top percent of the population receives ax percent of the income,” where x is a small fraction and a sufficiently large integer to convey the impression of obscenity; and to the recommendation of superficial and analytically weakly-based or insupported policies for remedying inequality by taking large sums from those who have currently high incomes and giving them to those who have not.


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