Russ Roberts’ Econtalk and Greg Mankiw’s Blog are two of my favorite sources of insight. Today Greg offered a link I would have otherwise missed — an analysis by John Tamny of the latest Forbes 400 which so thoroughly crushes the complete rubbish preached by the ilk of John Edwards. Tamny concludes
…To read many business journalists today, one might assume that the U.S. economy is stratified, offers little room for advancement, and that those at the top are impervious to market forces while enjoying market power that enables them to fleece the less fortunate. Thanks to the lessons offered up yearly in the Forbes 400, we know the opposite is true. Successful people are that way because they make our lives exponentially better, while yearly dropouts from the Forbes list frequently offer evidence showing that consumers punish those who falter. For that, we should be glad that the Forbes 400 goes against the conventional grain and celebrates successful American enterprise.
Wonderful — do read the whole thing.
PS: I just noticed that yesterday Greg also linked to the Bryan Caplan article that I liked so much “The Four Boneheaded Biases of Stupid Voters“.