The Inefficiency of Inequality

Daniel Altman, writing at Foreign Policy:

If you believe that poor people are poor because they are stupid or lazy — and that their children probably will be as well — then the issue of inefficient allocation disappears. But if you think that a smart and hardworking child could be born into a poor household, then inefficient allocation
is a serious problem. Solving it would enhance economic growth and boost the value of American assets.

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