This should close the door on the idea that free markets allocate resources best. From "The Triumph Of 'Trickle Up' Economics" ...
From 1947 to 1992, the top 5 percent of all families never consumed more than 17 percent of the national "aggregate income." But since 1993, that top 5 percent has never earned less than 20 percent of the national bundle.The only way to justify this is if you believe that the top 5 percent are smarter, harder working, and more deserving than everyone else. They're not.
The article is short, and has some holes, but you can read it here.
- Mark
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