Across nations and throughout history, societies have fabricated disadvantaged classes. Typically, the creation of such classes involves complex social and legal conventions that operate to destroy human capital, and relegate the disadvantaged to economic marginalization. It is difficult to fathom, from an economic perspective, why this process continues. Perhaps it has its roots in a fundamental human need to dominate and oppress others. Regardless of the actual dynamics driving the process, economics is there to analyze the carnage. Reflecting these economic pressures, the law in many societies has stepped in to stem the most brazen forms of discrimination based upon race, gender, ethnicity, and disability.

Failure to Eliminate Discrimination in Competitive Markets

A perfectly competitive market that rationally valued profit opportunity and human potential would tend to ...

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