General Discussion : Economic Consequences of Income Inequality
نویسنده
چکیده
Mr. Meltzer: There are several problems that I found in your paper but I’m not going to comment on all of them. The biggest problem that I found is the mixture of positive and normative analysis. The paper was full of “cans,” “coulds,” and “mays.” That leaves me in doubt about what basis these propositions may have. As a positive approach, the paper fails because there is no model of government and no attempt to sort out the policies that produce greater equality and their effects on growth and those policies, which produce greater equality and have negative effects on growth. The government could or might do good. But nothing in the discussions tells us anything about that or about how voters might decide what they would like. In the absence of a welfare function, which you dismiss, we go back to voters and politicians who have to make these choices. So as a positive theory, it fails because it doesn’t include how the government will use the resources that are going to be given and put under its command. As a normative approach, not tied to a valid-positive theory, it can never be anything more than a wish list expressing your preferences.
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تاریخ انتشار 1999