When the Joneses Can’t Keep Up (NYT)

econ 101 disparaged

you get high wages and low prices from voluntary economic transactions

each voluntary transaction profits both sides, otherwise it would not occur

add up the profits to both sides, and you notice the standard of living of the nation has gone up

the more voluntary transactions, the higher the standard of living

that, and not keeping the unemployed off the streets, is the point of growing the economy.

among things that reduce the number of voluntary transactions are taxes and regulation

over to you, nyt.

We should worry about the effects on society as a whole when members of the educated elite think they are grossly underpaid.