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Problems with wealth inequality debate

February 6, 2014

By Economist Dr. Eric Fruits, Econinternational

You may have heard that Oxfam is promoting its report that says the richest 85 people in the world have more wealth than the bottom 3.5 billion. Of course, the media have picked up the story and continue to run with it.

You may have also heard that Tim Harford is promoting his new book, The Undercover Economist Strikes Back.

In a recent talk, Harford strikes back at the the use and misuse of such factoids in the wealth inequality debate and in macroeconomics in general.

harford_on_wealth_inequality

  
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Bob Clark February 6, 2014

Another problem with these studies is they do not include the subsidies (transfer payments, including things like food stamps) going to those coded as low income. These studies are mostly political fodder for pushing the progressive agenda at government levels.

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