Wednesday, November 18, 2015
Nobel Prize Winner Angus Deaton on Inequality
Not perfect, but not bad. He could have been much worse.
He said at The Wall Street Journal CEO Council annual meeting:
Inequality is partly a marker of success,” he said. “If someone thinks of something, some new innovation that benefits us all, and the market works properly, they get richly rewarded for that and that’s just terrific and that creates inequality. So some of the greatest inequalities in the world have come from the greatest successes—from the industrial revolution 250 years ago to innovation and new inventions and new things today...
One that I worry about is that some of the enormous riches we’re seeing in the United States today are coming from activities that are in social doubt. So some of the activities that are going on in Wall Street that are occupying some of our smartest young minds—it’s not clear society wants them to be doing that as opposed to be innovating in the private sector or curing cancer or doing all the various things smart people could do.”
The other thing I worry about is the political part that comes with extreme wealth,
at 7:12:00 AM