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The Wealthy Poor: The Perception of Wealth Distribution, and the Reality

James Fallows, of The Atlantic, brought my attention to this odd blog entry by a whiny Law Professor who doesn’t understand the Adjusted Gross Tax Income positive implications of the Bush Tax Cuts expiring, and also references a paper by Michael I. Norton, of Harvard and Dan Ariely, of Duke that compares: (a) how wealth actually is distributed in America; (b) how people think it’s distributed; and (c) how they think it should be distributed; which helps to explain why this whiny self-pitying law professor might be so confused. The paper is available in PDF here.

J. Bradford Delong, an economist, breaks it down in this wonderful essay to the whiny Law Professor.

I haven’t gotten into some of the more explosive topics on the blog here, but I thought this example was so informative and relevant to the current misperceptions in logic of the TEA party, and by extension, the Libertarian party that it merited a link.

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