How Businesses Create Wealth – Economix Blog – NYTimes.com


economists tacitly assume that rich people, who can bid a higher price for a thing, “value” the thing more than do poor people, even though rich people may not crave it any more than do poor people and possibly even less. It often surprises students that modern economics is solidly based on that legerdemain, which I admit to them in a memo entitled: “How We Economists Bastardized Benthamite Utilitarianism and Became Shills for the Wealthy.”

How Businesses Create Wealth – Economix Blog – NYTimes.com

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