“Money income is a flawed measure of individual welfare.”

— Nicholas Barr

Source: Economics Of The Welfare State (Fourth Edition), Chapter 6, Problems Of Definition And Measurement, p. 128

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Nicholas Barr 23

British economist 1943

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“You can't have a government like this without an income tax, but we don't want a government like this. This is not the type of government that was designed by the founders of the country. This is not what was written in the Constitution. We've only had an income tax since 1913. But if you want a welfare state, and if you want to police the world and pay for the defense of Japan and Germany, give foreign aid to the Soviet Union. You not only need the income tax you need the Federal Reserve to print up the money when the deficit is accumulated. So we think that government should be smaller. If government is small, then you don't need the income tax.”

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https://www.youtube.com/watch?v=anmlPvmd1Ew
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“Money is a stupid measure of achievement, but unfortunately it is the only universal measure we have.”

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“Money income is a flawed measure of individual welfare.”

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