Comments on: Manzi's Questions on Inequality

By: huang

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By: dg lesvic

dg lesvic — Sun, 26 Jul 2009 04:21:11 +0000

Let's take my sins one at a time:

"a confusion of wages with wealth"

I have to plead guilty to that one. I do believe that wages are a component of wealth.

"a charmingly naive belief that political realities/social norms are "distortions" rather than essential components of market prices"

Again, if I understand you correctly, I must plead guilty. How could "political realities" and "social norms" at odds with market valuations and prices not distort them?

"the lack of a logical/plausible theory of market behavior"

How about this? The market, always tending toward equilibrium, always tends toward the optimum state of affairs, and, any interference with it, tending toward disequilibrium, tends toward a less than optimum state of affairs.

How about this? Interference with the market is always counterproductive, bringing about the exact opposite state of affairs aimed at.

How about this? For every action against the market, there is an opposite and more than equal reaction.

How about this? Taking from the rich to give to the poor can not reduce but only increase income inequality and "social injustice."

My theory is that the market always tends toward equilibrium, that equilibrium is the

"the absence of any empirical evidence that redistribution always exacerbates inequality the way you claim it does"

Again, I plead guilty, inasmuch as I am not an historian but an economist.

Jeers!

By: DMonteith

DMonteith — Sat, 25 Jul 2009 12:25:24 +0000

My considered opinion, in light of all this, is the previous, not the later one.

Knock yourself out. Don't let any of the following stop you:

-a confusion of wages with wealth;
-a charmingly naive belief that political realities/social norms are "distortions" rather than essential components of market prices;
-the lack of a logical/plausible theory of market behavior;
-the absence of any empirical evidence that redistribution always exacerbates inequality the way you claim it does.

To the extent that you're willing to let these considerations influence your position, I'm willing to keep working together on this.

Cheers!

By: dg lesvic

dg lesvic — Sat, 25 Jul 2009 02:35:37 +0000

Congratulations! You have indeed revealed a contradiction in my thinking. Even though it was my intention to interpret your statement rather than express my own thinking, my own thinking did creep into my interpretation of your statement, and it was indeed contrary to my previous thinking.

My considered opinion, in light of all this, is the previous, not the later one.

Thank you for your help.

Let's keep working together.

.

By: DMonteith

DMonteith — Sat, 25 Jul 2009 00:47:37 +0000

dg lesvic 5 days ago:

To restore the manpower allocations it had preferred, the market must bid the net wages of the formerly rich back up and of the formerly poor back down.

dg lesvic today:

If you rob Peter to pay Paul, the market will be forced to cater more to Paul and less to Peter's demands than previously.

My job here is done.

By: dg lesvic

dg lesvic — Sat, 25 Jul 2009 00:06:19 +0000

I didn't mean ry. I meant try.

By: Sandwichman

Sandwichman — Sat, 25 Jul 2009 00:06:16 +0000

What's there to refute? There is no theorem (or “thoerem”). You made an assertion that is not a logical deduction from agreed, self-evident or established premises. You offered no evidence for your assertion. If you find such a procedure persuasive, there's no way I could convince you otherwise using logic and evidence. Let's not play games about “on its own terms.”

By: dg lesvic

dg lesvic — Sat, 25 Jul 2009 00:05:04 +0000

Chopped Liver,

Good idea. I'll ry that.

Sorry. It doesn't work.