Krugman's 1992(!) inequality piece is remarkably, prescient, remarkably contemporary. @NYTimeskrugman http://prospect.org/article/rich-right-and-facts-deconstructing-income-distribution-debate …
@interfluidity @pmarca If so, then forcing redistribution creates wealth. If not, we have to hope that advancing technology will save us. :)
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@paulbaumgart@pmarca in reality by criterion of Pareto optimality. -
@interfluidity@pmarca Interesting. So the main philosophical disagreement is inductive vs. deductive determination of the SWF, huh? - 7 more replies
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@paulbaumgart@pmarca unfortunately, since not only rank but relative distance confer insurance value, compression is not Pareto improvementThanks. Twitter will use this to make your timeline better. UndoUndo
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@paulbaumgart@pmarca there r winners & losers, we claim benefits to winners > costs to losers, implying a social welfare fcn for comparisonThanks. Twitter will use this to make your timeline better. UndoUndo
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@paulbaumgart@pmarca same with any change in institutions, redistributional or otherwise. we evaluate (oft implicitly) by some SWF, never…Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulbaumgart@pmarca whether redistribution “creates wealth” ultimately depends upon the social welfare function you presume.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulbaumgart@pmarca we say “free trade creates wealth”, but opening trade is not Pareto optimal under realistic institutions.Thanks. Twitter will use this to make your timeline better. UndoUndo
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