Epstein on Equality

quotes economics equality inequality

30 Jan 2014

Richard Epstein writes:

Opportunity, not equality, is the new buzzword. Sadly, a change in rhetoric isn’t the same as a change in policy. Once again, the key issue is how “opportunity” is defined. For those like myself in the Classical Liberal tradition, equality of opportunity allows all individuals, regardless of their race, creed, color, religion, national origin, or any other characteristic, to offer their goods and services to others at the highest price that they can obtain in a competitive market. This principle means that we do not have to go through the artless process of deciding, in the name of equal opportunity, which characteristics are those on which employers cannot discriminate in labor markets. The logic of this position is to minimize transaction costs and administrative overhead in order to increase the velocity of win/win transactions free of government oversight.

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