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On the Rich Getting Richer and the Poor Getting Poorer

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  • Choi, Young Back

Abstract

This paper evaluates the validity of the thesis of 'the rich getting richer and the poor getting poorer' (RGR) and finds it wanting. Its implication of increasing polarization of income and wealth distribution is not borne out by observation. There is too much mobility across income strata to be consistent with RGR. The idea of RGR rests on a faulty understanding of the way the market economy works. The fault lies in taking a static view of a dynamic economy and ignoring the dynamo, viz., entrepreneurship. The essence of entrepreneurship is not the ownership of currently valued assets but the discovery of opportunities. Copyright 1999 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Choi, Young Back, 1999. "On the Rich Getting Richer and the Poor Getting Poorer," Kyklos, Wiley Blackwell, vol. 52(2), pages 239-258.
    • Handle: RePEc:bla:kyklos:v:52:y:1999:i:2:p:239-58
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    Cited by:

    1. Ghazy, Noha & Ghoneim, Hebatallah & Lang, Guenter, 2022. "Entrepreneurship, productivity and digitalization: Evidence from the EU," Technology in Society, Elsevier, vol. 70(C).
    2. Young Choi, 1999. "Conventions and Economic Change: A Contribution toward a Theory of Political Economy," Constitutional Political Economy, Springer, vol. 10(3), pages 245-264, October.
    3. Mark Pennington, 2003. "Hayekian Political Economy and the Limits of Deliberative Democracy," Political Studies, Political Studies Association, vol. 51(4), pages 722-739, December.
    4. Facchini, Francois & Couvreur, Stéphane, 2015. "Inequality: The original economic sin of capitalism? An Evaluation of Thomas Piketty's "Capital in the twenty-first century"," European Journal of Political Economy, Elsevier, vol. 39(C), pages 281-287.
    5. Seliger Bernhard, 2001. "Die Krise der sozialen Sicherung und die Globalisierung – Politische Mythen und ordnungspolitische Wirklichkeit," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 52(1), pages 215-238, January.
    6. Choi Young Back, 2002. "On Neglected Opportunities And Entrepreneurial Discovery," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-17, March.

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