When the Rich Get Richer
Dr Payne's classic exposition of the "endowment illusion." In this brief essay, Payne describes this illusion and shows how mainstream American public figures tumble into economic fallacies on account of it. This illusion, he suggests, underlies centuries of dysfunctional socialist policies of coercive income redistribution. Overcoming it, he says, "opens our horizons to philosophies that respect work, property, and freedom."
James L. Payne, When the Rich Get Richer; How the Endowment Illusion Leads to a Misunderstanding of Poverty and Inequality
ISBN: 978-0-815728-23-7 (Originally published 1984), 11 pp, $3.00.