The Inequality That Matters – Tyler Cowen – The American Interest Magazine
December 17, 2010 § Leave a comment
In terms of immediate political stability, there is less to the income inequality issue than meets the eye. Most analyses of income inequality neglect two major points. First, the inequality of personal well-being is sharply down over the past hundred years and perhaps over the past twenty years as well. Bill Gates is much, much richer than I am, yet it is not obvious that he is much happier if, indeed, he is happier at all. I have access to penicillin, air travel, good cheap food, the Internet and virtually all of the technical innovations that Gates does.
But, lets go back to Jefferson. By “life liberty, and the pursuit of happiness”, he meant, well. the number of happenings in your life.Because that was the measure of richness of brining your talents into play. Money is a proxy measure for that, and not a good one, but also not insignificant because money creates opportunity.My source for this is the excellent discussion in Gary Wills, Inventing America