Inequality — a necessary ingredient of New York’s greatness

 

"At his inauguration, New York’s new mayor Bill DeBlasio denounced the city’s economic inequality. He seemed to argue that to remain truly great, New York must remedy income inequality. I submit, however, that New York is great in part because of income inequality. 

 

The wealth at the top end of the economic spectrum clearly has played a major role in the city’s greatness. For one thing, the very rich have used their money to ensure New York’s preeminent cultural position. In addition, the rewards that await the very successful attract the best and brightest to New York. They, in turn, help keep the city great."     

[Power Line]