> 2. The more fundamental reason to be "hard-hearted" is that the > Principle of Equity fails to recognize differences in MERIT. If there > were no efficiency consequences, why not equalize incomes? The answer, > I maintain, is that more able and hard-working people deserve more. > They earned it. It is insolent for the less successful to gripe about > it (or for the more successful to gripe on their behalf!).
I think of this as Graham Nash economics. Remember his 1968 protest song "Chicago" (full lyrics appended below)? [Any and all comments about not even being born then are *not* welcome.] Won't you please come to Chicago For the help that we can bring We can change the world Re-arrange the world Graham Nash economics is my overly cute way of complaining about normative economics. Economists offer *opinions* on who should get this or that: the poor, the talented, the hard-working, maybe some combination of the above. I still am not persuaded that economists opinions on these issues are any more important than anyone else's opinion. Does it change the way the world behaves? I am less successful, you are more successful. I say that I am going to take part of your income, you tell me I am insolent. I say "So what? I'm still taking part of your income." Now what do you do? William Sjostrom +++++++++++++ William Sjostrom Senior Lecturer Department of Economics National University of Ireland, Cork +++++++++++++++++ CHICAGO Graham Nash Though your brother's bound and gagged And they've chained him to a chair Won't you please come to Chicago Just to sing In a land that's known as freedom How can such a thing be fair Won't you please come to Chicago For the help that we can bring We can change the world Re-arrange the world It's dying ... to get better Politicians sit yourself down There's nothing for you here Won't you please come to Chicago For a ride Don't ask Jack to help you 'Cause he'll turn the other ear Won't you please come to Chicago Or else join the other side We can change the world Re-arrange the world It's dying ... if you believe in justice It's dying ... and if you believe in freedom It's dying ... let a man live his own life It's dying ... rules and regulations, who needs them Open up the door Somehow people must be free I hope the day comes soon Won't you please come to Chicago Show your face >From the bottom of the ocean To the mountains on the moon Won't you please come to Chicago No one else can take your place
