Manufactured inequality / Sherwin Rosen Rosen, Sherwin

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Rosen, Sherwin
Appears In
Journal of Labor Economics
Income distribution.; Income distribution -- Analysis; Economic stabilization.
Academic; Trade
The little-known aspect of how income inequality is actually socially efficient is explored. The idea of a beneficial socially engineered inequality has been around since Adam Smith contended that willful investments in education and skill acquisition are the major reasons for wage inequality. Another point raised is how indivisibilities in labor market, as well as other life choices, can create incentives for voluntary redistribution, for individual participation in monetary activities that result in differences in wealth among identical, risk-averse people. In so doing, these people thus willfully and selfishly establish a type of 'natural' inequality among themselves.
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