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A fair point in our debate on inequality.
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There’s much empirical evidence suggesting that Americans are prepared to accept even substantial inequality as long as it’s generated under competitive market rules. It’s therefore wrong to interpret public outrage about CEO pay as a protest against high compensation in and of itself. This outrage is not driven by the class envy about which the GOP presidential candidates so frequently complain. It is, rather, a protest against rationing, corruption, sweetheart deals, and foxes guarding the henhouse. It is a protest, in other words, against the corruption of markets by power.
-- David B. Grusky
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No doubt we will not be leaving capitalism. So, yeah, let us at least try to keep the big players somewhat honest, if it is not already too late and impossible. But, still, in the interest of maintaining some level of fairness, you do have to accept some redistribution, if only to build up the infrastructure along with maintaining decent health care and education. Some of that obscene private wealth really needs to serve the public good.
_ _ _
There’s much empirical evidence suggesting that Americans are prepared to accept even substantial inequality as long as it’s generated under competitive market rules. It’s therefore wrong to interpret public outrage about CEO pay as a protest against high compensation in and of itself. This outrage is not driven by the class envy about which the GOP presidential candidates so frequently complain. It is, rather, a protest against rationing, corruption, sweetheart deals, and foxes guarding the henhouse. It is a protest, in other words, against the corruption of markets by power.
-- David B. Grusky
_ _ _
No doubt we will not be leaving capitalism. So, yeah, let us at least try to keep the big players somewhat honest, if it is not already too late and impossible. But, still, in the interest of maintaining some level of fairness, you do have to accept some redistribution, if only to build up the infrastructure along with maintaining decent health care and education. Some of that obscene private wealth really needs to serve the public good.
