Tuesday, March 28, 2006


There is an interesting conversation on inequality at Cato Unbound. Here is a quote from Tom G. Palmer:

Cato Unbound: "Of greatest importance, the best way to reduce poverty is to increase wealth. As the late Peter Bauer, a pioneer of development economics, used to put it, poverty doesn’t really have causes; it’s the natural state of humanity. Wealth is what is caused. And it’s wealth that needs an explanation. We now have a rather good understanding of what causes wealth: good institutions. The most important institutions for producing more wealth are those associated with security of property and the freedom to exchange."


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