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Fall 2001

ISSN 0890-913X

Volume 17, Number 1

Categories: Fall 2001

Proof That a Free Market System Enriches the Poor

W. Michael Cox, Federal Reserve Bank Dallas

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JournalofPrivateEnterpriseProofThataFreeMarketSystemEnrichesthePoorW.MichaelCoxFederalReserveBankCDallasMostofsociety=swelfarecomesnotfromgovernment,butfrommarkets.Inessence,capitalismhasitsownbuilt-inwelfaresystem.Webster=sDictionarydefineswelfareasAthestateoffaringordoingwell.@Wecallitbyvariousnames,suchasAwell-being@orAstandardofliving.@AskmostpeoplewhatmakesuptheirAstandardofliving,@andtheywillprobablyincludethefollowingthingsinthisorder:consumptionandwealth;leisuretime;workingconditions;varietyandnewgoods;healthandsafety(longerlifeexpectancy,lessdisease,feweraccidents,lesscrimeandexternalconflict),andtheenvironment(lesspollution,amorebeautifulplanet).Athoroughexaminationofthedatashowsthatbyeveryoneofthesemeasureswearemuchbetterofftodaythanwewerejustafewyearsago.Muchofthedataherecomparestodayto1970,because1970wasthesupposedapexofAmericanprosperityaccordingtomostnaysayers.Bysomeoftheirfavoritemeasuresofwell-beingCrealwagesandincomedistributionCitwouldappearthatthingshavegottenworseforthetypicalpersoninsocietysincetheearly1970s.Itappearsthatmedianreal(inflation-adjusted)wageshavefallen,andthattherichhavegottenricherattheexpenseofthepoor.Whileitmayappearthatwayonthesurface,justthetiniestbitofscratchingbeneaththeperipheryrevealsthatthoseclaimsarenotjustwrong,theyarespectacularlywrongCexactlybackward,infact.Thoseoft-repeatedmyths,togetherwithafewotherfavoritessuchasAbothadultshavetoworkthesedaysinordertomakealivingforthefamily@andAthecurrentgenerationofkidswillbethe1

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Metadata [hide]

Title	Proof That a Free Market System Enriches the Poor
Authors/Creators:	W. Michael Cox, Federal Reserve Bank Dallas
Year:	2001
Volume:	17
Number:	1
Pages:	61 - 80
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles

Citation:
Cox, W. Michael / 2001. "Proof That a Free Market System Enriches the Poor." The Journal of Private Enterprise, 17(1): 61-80.