"Libertarian" Professor Richard Epstein of the New York University School of Law schools PBS's economics reporter Paul Solman on "income inequality":
You can tell the difference between a liberal and conservative by the following test: A liberal believes that changes in taxes have very little effect on production, but huge effects favorable on distribution. Folks like myself believe it's exactly the opposite. Very high tax rates or even small changes in taxes have very adverse effects on production, and they do very little to produce redistribution because the money gets dissipated and taken away through the political process in ways that the most ardent supporters of redistribution will not like.Stated at The Coalition of the Swilling: "I’m sure whoever’s idea it was has been sacked. Along with all the llama trainers." I don't think so. I can see the Leftists shaking their heads and tut-tutting the insane ideas of Professor Epstein. And I fully expect there to be a "grassroots" movement to get him fired from his job and his property taken.
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