Economics 101


The wonderful Walter Williams tackles income disparity. You ever wonder why athletes and movie stars make millions for doing what seems like very little work? Meanwhile schlubs like you and me work our ass off for a pittance.

Why is it that Michael Jordan earns $33 million a year and I don't even earn one-half of one percent of that? I can play basketball, but my problem is with my fellow man, who'd plunk down $200 to see Jordan play and wouldn't pay a dollar to see me play. I'm also willing to sell my name as endorsements for sneakers and sport clothing, but no one has approached me.

The bottom line explanation of Michael Jordan's income relative to mine lies in his capacity to please his fellow man.

It never ceases to amaze me how many people in this country don't understand the simple economics of supply and demand. What is more disturbing, are the socialists that would prefer a system of income distribution to income earning. The problem with income distribution and socialism, is that it assumes that the economy is fixed. If the rich are getting richer, than the poor must be getting poor.

In reality, the rich are getting richer, and the poor are getting richer. Anyone who is poor and getting poorer, is probably becoming so because they continue to do the things that make them poor.



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