Money Is Not All That Matters
4 April 2006
The Editor, The New Yorker
To the Editor:
John Cassidy bolsters the hypothesis that people's health is harmed by relative (rather than absolute) deprivation by citing evidence from the animal kingdom ("Relatively Deprived," April 3). For example, "dominant rhesus monkeys have lower rates of atherosclerosis (hardening of the arteries) than monkeys further down the social hierarchy."
Contrary to Cassidy's suggestion, however, such findings do not support policies to redistribute income. After all, animals with social hierarchies have no monetary income. Because status among humans is determined not only by income but also by traits such as political power, athletic prowess, military heroics, intellectual success, and good looks, equalizing incomes will intensify the importance of these non-pecuniary traits as sources of status. And there's no reason why persons with low status in these non-pecuniary categories will not suffer all the stress and envy now allegedly suffered by people with low incomes.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
The Editor, The New Yorker
To the Editor:
John Cassidy bolsters the hypothesis that people's health is harmed by relative (rather than absolute) deprivation by citing evidence from the animal kingdom ("Relatively Deprived," April 3). For example, "dominant rhesus monkeys have lower rates of atherosclerosis (hardening of the arteries) than monkeys further down the social hierarchy."
Contrary to Cassidy's suggestion, however, such findings do not support policies to redistribute income. After all, animals with social hierarchies have no monetary income. Because status among humans is determined not only by income but also by traits such as political power, athletic prowess, military heroics, intellectual success, and good looks, equalizing incomes will intensify the importance of these non-pecuniary traits as sources of status. And there's no reason why persons with low status in these non-pecuniary categories will not suffer all the stress and envy now allegedly suffered by people with low incomes.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Monday December 18, 2006 at 7:36pm