The Everyday Economist

“Actually, making things is not the road to prosperity. The road to prosperity for a nation is to use the skills of its citizens wisely. The wise use of those skills depends on the skills and desires of people in other nations.”

— Russ Roberts

Phil Miller on the often unseen wonders of economic growth in our daily lives.

My latest essay over at TCS Daily discusses the use of income inequality as a measure of prosperity:

Debates about income inequality continue to come to the forefront. Dani Rodrik recently claimed on his blog that market fundamentalists view “recent trends in wealth and income inequality through pink eye glasses.” Similarly, Paul Krugman has written an entire book on inequality and even claims there has been a return to the Gilded Age. These claims are clearly lacking as they are framed through a false dilemma and are predicated on a weak measure of prosperity.