Inequality and the Poverty of Economics
The Journal of Economic Perspectives is an academic journal that summarizes the state of research in various fields of Economics. Perusing this journal shows the extreme political bias of much of modern day economic research. The Summer 2013 issue was devoted to "income inequality." The main theme was that rich folks are getting richer, but, of course, the facts actually show just the opposite. Not deterred by the facts, the various economists that opine in this edition blithely parrot absurdities such as wealthholders ability to "sustain their preeminence. What is the analysis? Imagine that you wanted to know if baseball teams created dynasties and "perpetuate" their dominance of baseball. What facts would you want to assemble to prove this? Here's the way economists think: collect data that shows that back in the old days, the baseball teams that won the pennant won 65 percent of their games each year. Then show that, today, the teams th...
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