Economics Round-Up: Friedman, Williams, Boudreaux

These very brief pieces from the great Dr. Friedman are d@mned brilliant. Worth your time.

CARPE DIEM: Milton Friedman Responds To OWS Protestors: Milton Friedman’s tireless defense of the free market is a timeless message that would be just as relevant today if Milton Friedman were alive to address the concerns of the OWS protestors about wealth, inequality, and the poor as when Friedman delivered these lectures over 30 years ago

And the latest from the always brilliant Dr. Walter Williams.

Should the Rich Be Condemned? by Walter: Class warfare thrives on ignorance about the sources of income. Listening to some of the talk about income differences, one would think that there’s a pile of money meant to be shared equally among Americans. Rich people got to the pile first and greedily took an unfair share. Justice requires that they “give back.” Or, some people talk about unequal income distribution as if there were a dealer of dollars. The reason some people have millions or billions of dollars while others have very few is the dollar dealer is a racist, sexist, a multinationalist or just plain mean. Economic justice requires a re-dealing of the dollars, income redistribution or spreading the wealth, where the ill-gotten gains of the few are returned to their rightful owners. In a free society, for the most part, people with high incomes have demonstrated extraordinary ability to produce valuable services for — and therefore please — their fellow man.

Next, Dr. Boudreaux discusses alleged middle-class stagnation.

Middle-class stagnation? – Pittsburgh Tribune-Review: Are Wall Street’s “Occupiers” correct to allege that the richest 1 percent of Americans pay for their luxuries by stealing from the bottom 99 percent?

One can question the intellectual credentials of the Occupiers. They’re overly fond of juvenile platitudes. But don’t blame them too terribly much for believing that American prosperity has been hijacked by a handful of plutocrats.

Not only has Uncle Sam recently revved up his corporate-welfare handouts, the mainstream media have spewed forth for many years now countless stories of middle-class stagnation.