MaxManus said:Hey, is greg mankiw misreading the survey when he writes "In other words, one reason that people differ in their incomes is that some people care more about having a high income than others", the survey takes data from people who took their education on elite schools. I mean he goes from a survey of people from elite schools and makes it apply in general.
Link
http://gregmankiw.blogspot.com/
Greg Mankiw believes that income inequality is a natural and necessary consequence of a market-based economy. He argues that individuals should be rewarded for their hard work and skills, and that government intervention in income distribution can lead to unintended consequences.
Greg Mankiw defines income inequality as the unequal distribution of income among individuals or households within a society. This can be measured by the Gini coefficient, which ranges from 0 (perfect equality) to 1 (perfect inequality).
According to Greg Mankiw, income inequality can lead to increased incentives for individuals to work harder and innovate, which can benefit the overall economy. However, it can also lead to social and political unrest, as well as unequal access to opportunities and resources.
No, Greg Mankiw argues that government policies aimed at reducing income inequality can have unintended consequences and may not be effective in achieving their intended goals. He believes that market-based solutions, such as education and job training, are better ways to address income inequality.
Greg Mankiw believes that the minimum wage is a blunt instrument for addressing income inequality and can lead to negative effects, such as job loss and reduced hours for low-skilled workers. He argues that alternative policies, such as expanding the Earned Income Tax Credit, may be more effective in addressing poverty and income inequality.