Mark Twain is often quoted as having said, “It’s not what you know that gets you in trouble. It’s what you know for sure that just ain’t so.” Ironically, there is no evidence Twain ever said or wrote this line, but we can still reflect on its implications for today’s most contentious economic debates. In the case of rising economic inequality, conventional wisdom (coupled with noble motives) has produced policies that hurt the very people they are intended to help: the poor and middle class. Ed Conard – founding partner at Bain Capital and visiting scholar at the American Enterprise Institute – takes aim at what he sees as a wrong-headed redistributionist mindset in his latest best-selling book, The Upside of Inequality: How Good Intentions Undermine the Middle Class (Penguin). Conard goes beyond an apology for "the 1%" in explaining the real drivers of persistent poverty and relative stagnation of the American middle class. Though counter-intuitive, his insights are essential to improving policy, and the uncertain economic outlook. Conard joins to the show this Sunday (2/26) to help listeners understand the economic landscape like never before. Call in with your questions for Ed and Bob any time during the show: 8-9am PACIFIC, on 860AM – The Answer: (424) BOB-SHOW.
- The Upside of Inequality: How Good Intentions Undermine the Middle Class [Amazon]
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- *Equal is Unfair* with Don Watkins August 28, 2016
- Inclusive Capitalism: Economic Savior or Socialism in Disguise? February 14, 2015