More on the Diminishing Marginal Utility of Wealth
Posted in Economic Illiteracy, Price System, Welfare State on May 3rd, 2016
Picking up on a theme from two years ago, let’s consider again the argument in favor of progressive (re)distribution of income from the wealthiest to the poorest. The argument I made back then was that on basic behavioral grounds, the assumption that taking a dollar from the rich and giving it to the poor would […]