Hayek: Social Justice is a Meaningless Conception

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1. mosler says:

   Sunday, December 23, 2012 at 1:59 pm

   Two things.
   He missed the essence of Wm F’s question on education.
   To the extent education is a public good and children from all regions
   support the macro economy after completion of their education
   and do so disproportionately from the highly populated business centers
   education can be looked at as public infrastructure for public purpose,
   much like the military and the legal system.

   Therefore the example was not an example of ‘redistribution’ as generally understood.

   This can also be true for the truly less fortunate not able to work productively,
   including the infirm, elderly, etc. where ‘morale hazard’ is not applicable.

   The core, problematic distribution issue is where moral hazard is applicable.

   Note too the response to Wm F’s statement that people taxed at 66% are in fact
   working just as hard and productively. That used to be me, as well, back in the late
   1970′s and early 1980′s. The higher tax rates mean you have to earn that much more
   for the same net income. I actually found myself working less when my tax rate went down
   as the marginal value of the work decreased for me with the decreasing marginal value of the
   additional income. In conversation with Arthur Laffer he told me much the same. He said
   the Laffer curve works only at the extremes, and is highly uncertain at points between.

   Warren Mosler
   http://www.moslereconomics.com

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2. mosler says:

   Sunday, December 23, 2012 at 2:06 pm

   And what seems to be overlooked by both has been that the currency itself is a (simple) public monopoly and all the ramifications that follow.

   taxation and the desire to net ‘save’ financial assets of that currency constitute the notional demand.

   And, of course, the dollars needed to pay taxes that are also desired as ‘savings’ necessarily must
   come from the govt. of issue (and/or it’s designated agents, including the Central Bank).

   Warren Mosler
   http://www.moslereconomics.com

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3. F A Hayek on Social Justice | Kabo's blog says:

   Friday, March 22, 2013 at 1:38 pm

   [...] Via mises.org. [...]

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