Free Markets, Free People

economic inequality

“You can’t make the poor rich by making the rich poorer”

That’s a quote from attributed to Abraham Lincoln* as delivered by Richard Epstein in his discussion of economic inequality (a meme that is all the rage right now). Interestingly enough, this interview was conducted and broadcast by PBS (as tree hugging sister notes “I’m sure whoever’s idea it was has been sacked. Along with all the llama trainers”).

In any event, this is as good a retort to the #OWS nonsense as you’ll likely find. Enjoy (HT: Insty):

Watch Does U.S. Economic Inequality Have a Good Side? on PBS. See more from PBS NewsHour.

ADDED: Although Epstein doesn’t say it explicitly, essentially he describes “economic inequality” as a benign effect, rather than a malignant cause. Understanding the difference leads to understanding why allowing for the greatest number of opportunities works better at increasing everyone’s wealth instead of trying to equalize outcomes.

* Thanks to DWPittelli for pointing out this misattribution in the comments (“It was the Reverend William John Henry Boetcker (1873–1962) who wrote “you cannot help the poor by destroying the rich” and 9 other related aphorisms in 1916. A printing error in 1942 led to the confusion between some Lincoln quotes and these Boetcker quotes.”).