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Quotation of the Day…

… is from page 176 of 2006 Nobel laureate Edmund Phelps’s 2013 book, Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change; here, Phelps is speaking explicitly of Denmark, Finland, France, Germany, Holland, and Sweden:

Yet the relative narrowness of wage inequality in these countries has been the result not of redistribution by the state through spending and taxes, but the result of relatively low inequality to begin with.: pre-tax incomes differ far less that in the Anglo-Saxon countries, for example.  The Scandinavian nations are very homogeneous.  Much of the remaining part of the explanation may be that there is less opportunity to innovate, thus to strike it rich.