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Income inequality

Coyote talks about income inequality.  Personally, I think that income inequality arguments are a cheap and specious justification for income redistribution based on the faulty premise that wealth is a zero sum game.  Coyote talks about new research that suggests that the figures given to prove that the gap between rich and poor is increasing are incorrect.  Such figures are based on a single price index for a representative consumer.  The problem is that the rich and the poor don’t shop at the same places.  The new research shows that inflation in the price of  low end goods has been much less than that of high end goods.  Or, as Coyote says:

The price of a night at the Four Seasons has gone up more than the price of a shirt at Wal-Mart.

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