• N. Gregory Mankiw


Defending the One Percent. N. Gregory Mankiw, 2013, . "Imagine a society with perfect economic equality. Perhaps out of sheer coincidence, the supply and demand for different types of labor happen to produce an equilibrium in which everyone earns exactly the same income. As a result, no one worries about the gap between the rich and poor, and no one debates to what extent public policy should make income redistribution a priority. Because people earn the value of their marginal product, everyone has the appropriate incentive to provide the efficient amount of effort. The government is still needed to provide public goods, such as..."  Link verified March 28, 2014