Such a basic net would guard society’s most economically vulnerable against falling through the cracks. Milton Friedman proposed a negative income tax as a way of encouraging the poor to work their way out of poverty. In one of his most oft-quoted passages (for reasons of ideological axe-grinding, no doubt), F. A. Hayek similarly espoused…

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One key problem is that contemporary discussions of inequality have often conflated it with poverty. Not only are inequality and poverty conceptually distinct, a failure to distinguish between them can lead to problematic policy conclusions. Additionally, when market advocates criticise redistributive policies and government welfare programs, they are seen as anti-poor. Thus, separating these two concepts can…

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But like so many other criticisms of capitalism, this one ignores the very real, and very available, facts of history. Nothing has done more to lift humanity out of poverty than the market economy. This claim is true whether we are looking at a time span of decades or of centuries. The number of people…

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