Greater Equality
1 November 2007
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Your readers identify genuine flaws in Arthur Brooks's argument that inequality of incomes in America is counteracted by near-equality of "happiness" (Letters, November 1). The unhappy fact is that "happiness research" is a smorgasbord of foolishness.
Nevertheless, measures of inequality of incomes do indeed vastly overstate the inequality of material living standards. Nearly all Americans enjoy easy access to the likes of microwave ovens, cell phones, the Internet, and MP3 players, as well as, of course, to food, clothing, and shelter. So the differences separating the super-rich from ordinary folks are increasingly abstract and invisible. I'm told that, say, David Koch has billions more dollars in his bank account than I have in mine, but I never see his bank statements. The fact is, Mr. Koch is no better fed, clothed, or coiffed than I am. And when he walks down the street, Mr. Koch's immense wealth does little to distinguish him from the many middle-class Americans who walk past him - all unaware that his portfolio is unusually hefty.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Your readers identify genuine flaws in Arthur Brooks's argument that inequality of incomes in America is counteracted by near-equality of "happiness" (Letters, November 1). The unhappy fact is that "happiness research" is a smorgasbord of foolishness.
Nevertheless, measures of inequality of incomes do indeed vastly overstate the inequality of material living standards. Nearly all Americans enjoy easy access to the likes of microwave ovens, cell phones, the Internet, and MP3 players, as well as, of course, to food, clothing, and shelter. So the differences separating the super-rich from ordinary folks are increasingly abstract and invisible. I'm told that, say, David Koch has billions more dollars in his bank account than I have in mine, but I never see his bank statements. The fact is, Mr. Koch is no better fed, clothed, or coiffed than I am. And when he walks down the street, Mr. Koch's immense wealth does little to distinguish him from the many middle-class Americans who walk past him - all unaware that his portfolio is unusually hefty.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Tuesday April 22, 2008 at 2:01pm