This is a case.

This is the Cato Daily podcast for Thursday, March 23,

2023. I'm Caleb Brown.

What should policymakers aim for with respect to interventions to make life fair for Americans.

Americans.

Is it equity, equality of outcome, equality of opportunity, or as Kader's

Diderma Klowskiky suggests equality of permission.

There's a clip floating around of somebody asking Bernie Sanders the difference between equity

and equality and he apparently doesn't have a very good answer to it.

No, he doesn't.

Bernie is my age.

He went to the University of Chicago in 1960, the same age that I went to Harvard College. And at that time in

1960, I'm sure that Bernie and I had exactly the same attitude towards capitalism, namely overthrow it.

And the only difference between us is that since then Bernie has learned nothing at all.

And he keeps wanting to overthrow capitalism, not understanding it, or its effects on efficiency, equity, gross, prosperity.

So when we talk about equality, there are lots of different ways that people can be equal. Yeah. And the biggest sort of gulf that we see is equality of outcome.

In terms of our like popular conceptions of it,

equality of outcome and what what I think most conservatives like to say

equality of opportunity.

Yeah, well I say I don't think that either of those works very well.

I mean obviously Bill Gates has vastly more money than I do. There was a humorist some time ago who used to chronicle each year how much it would

what what denomination of Bill?

...