The second theorem of welfare economics posits that any desired income distribution can be achieved when an economy is at full potential by taxing those who earn more than society wishes and transferring these to those who earn less. I have previously argued that universal basic income proposals essentially genuflect to this theorem.
In this column, I address the political economy underlying the transfers recently proposed by the national political parties. The political economy argument for transfers rests on the case for justice. John Rawls distinguishes between “justice as ...
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