Few issues provide better examples of the negative impact of economic theory on society than the distribution of income. Economists are forever opposing ‘market interventions’ which might raise the wages of the poor, while defending astronomical salary levels for top executives on the basis that if the market is willing to pay them so much, they must be worth it. In fact, the inequality which is so much a characteristic of modern society reflects power rather than justice. This is one of the many instances where unsound economic theory makes economists the champions of policies which, if anything, undermines the possibility of more equality under capitalism.
Posted on: Tue, 18 Jun 2013 00:12:32 +0000
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