2min chapter

The Gray Area with Sean Illing cover image

Tyler Cowen on the painful end of American complacency

The Gray Area with Sean Illing

CHAPTER

What Is My Welfare Gain There Really?

Ezra Pound: People buy more stuff impulsively thinking that because it has five stars, it's going to make my life better. Pound: A radical critique of this would be that the kind of materialistic structure where people don't make mistakes on what they're buying is just us buying a lot more crap which doesn't make us any happier. Pound: How much of a welfare gain that really is, I think is an open question.

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