By Everett C. Ladd
This article examines info from surveys of public attitudes to evaluate people's perspectives concerning the government's function in lowering source of revenue alterations among the wealthy and terrible.
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Extra resources for Attitudes Toward Economic Inequality: Public Attitudes on Economic Inequality (AEI Studies on Understanding Economic Inequality)
It is the ongoing discovery of the implications of human action. 3 C H A P T E R As Time Goes By O N T H E F A C T O R O F T I M E I N H U M A N A C T I O N THE DAWN OF SAVING R ICH, IN HIS effort to change what is into what ought to be, may realize that his ability to acquire food and water could be increased. Perhaps, by building a few traps, he could have six roasted rats a day instead of four. And, he thinks, if he had a barrel for collecting rainwater, he could use that water for cooking, and enjoy boiled rats as an occasional change from roasted rats.
59 60 E C O N O M I C S F O R R E A L P E O P L E Adam Smith pointed out the enormous increases in material production that came about through the division of labor. The example with which Smith opens The Wealth of Nations is pin manufacturing. ” But even 225 years ago, when Smith was writing, a small pin shop, dividing the manufacture into eighteen distinct tasks, allowed a ten-man shop to produce 48,000 pins in a day, or 4,800 per man. The division of labor produces greater material output for three reasons.
Karl Marx based much of his economic thought on the labor theory of value. ” These are just abstract classes by which we categorize the world. ” When choosing, acting man is always faced with a choice between definite quantities of goods. He is faced with a choice between, let’s say, a barrel of water and a ten-carat diamond. ” It depends entirely on the valuation of the person who must choose. If a man living next to a clean mountain stream is offered a barrel of water, he may not value it at all.
Attitudes Toward Economic Inequality: Public Attitudes on Economic Inequality (AEI Studies on Understanding Economic Inequality) by Everett C. Ladd