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Calling All Economists: How Many Steaks Can a Rich Man Eat?
If income inequality is the class warrior's casus belli, the Gini coefficient, a measure of statistical wealth or income dispersion, is his battle cry. "Unfair!" barks the champion of equal outcomes, advocating equality neglectful of its impact on prosperity. For those who understand that wealth can only be redistributed after it is created, and that ham-handed attempts at the former impoverish us all, I suggest the following rejoinder to your neighborhood class warrior. Call it the Gimme coefficient. The Gimme coefficient compares how much a person consumes and produces in a given period. A cradle-to-grave welfare ... (full story)