"everybody knew that doing anything to reduce inequality would have at least some negative impact on G.D.P.
But it appears that what everyone knew isn’t true. Taking action to reduce the extreme inequality of 21st-century America would probably increase, not reduce, economic growth."
You really do start seeing conspiracies everywhere. A great conservative tome, in this case Arthur Okun's Equality and Efficiency: The Big Tradeoff, was hauled out and touted as proof of the truth and justification for maintaining the concentration of obscene wealth in so few hands and the dire consequences of touching this wealth, much as Hayek has been used to justify austerity policies. Beautifully crafted arguments all with the ring of truth and appealing to common sense. All proven to be completely false, except that the application of these arguments had the underlying effect, in addition to any other effect, of maintaining the status quo.
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