How Covid-19 responses have worsened inequality — Carmelo Ferlito and Emile Phaneuf | Malay Mail

Friday, 24 Jul 2020 12:18 PM MYT

One major flaw in the conclusion in support of state intervention in this regard is that it often treats the given amount of wealth at a given time and place as fixed while ignoring or at least downplaying significant improvements in the overall standard of living around the world. In fact, total wealth hassince the kick-off of the Industrial Revolution, which originated with British textiles in the mid-18th century.

Extreme poverty, as we can clearly see, is the historical norm — except for royalty, who lived lavish lives at the expense of, well, everyone else. Poverty is the condition in which we find ourselves when we do not go out of our way to create wealth. Once we understand that total wealth can grow, we can also understand that with more wealth, a smaller share in relative terms can still mean a larger share in absolute terms.

The market process, working and evolving thanks to the price system, has proven to be the best institution to bring along unprecedented growth. State control over the economy, by contrast, is yet to produce a thriving Hong Kong, Singapore, orHow Covid responses have worsened inequality: The cases of New Zealand and South-east Asia

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