If I were to paraphrase Phil Gramm’s analysis of Charles Dickens’s much-loved A Christmas Carol, you wouldn’t believe me. So I’ll have to quote Gramm at length. What follows is from The Myth of American Inequality: How Government Biases Policy Debate, a new book by the former senator and Texas A&M economist, in collaboration with economists Robert Ekelund and John Early. Because I didn’t finish discussing this book Wednesday, I’m writing about it again today. And now to Gramm’s explication de texte:There is no better illustration of how wealth accumulation benefits society than the most famous and infamous wealth hoarder of Victorian literature, Ebenezer Scrooge.… Scrooge is a caricature of
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