Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people.

Robert Higgs
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More Quotes By Robert Higgs
  1. In the natural sciences, some checks exist on the prolonged acceptance of nutty ideas, which do not hold up well under experimental and observational tests and cannot readily be shown to give rise to useful working technologies. But in economics and the other social studies,...

  2. We know how the people of Argentina ruined their country. We know how the people of Venezuela ruined their country. Few Americans know much about the history of Argentina or Venezuela. But if they wish to know how the people of the USA are ruining...

  3. Government as we now know it in the USA and other economically advanced countries is so manifestly horrifying, so corrupt, counterproductive, and outright vicious, that one might well wonder how it continues to enjoy so much popular legitimacy and to be perceived so widely as...

  4. Nearly all libertarians were once conservatives or progressives or independent statists of some stripe. But scarcely any conservatives, progressives, or independent statists were once libertarians. This asymmetry in the direction of ideological migration is interesting and perhaps informative.

  5. A valid contract requires voluntary offer, acceptance, and consideration.

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