Many have been harshly critical of families that borrowed more than they could reasonably hope to repay. If they couldn’t afford larger houses and more expensive weddings for their daughters, these critics say, they should have just scaled back. But that charge ignores the importance of context in meeting basic goals.
from Robert H. Franks’s Slate article “Does Inequality Matter?”
context, yes! I consider it one of the most important words in the world. Also, relative, which is in the next paragraph.
It’s a good article and I’ll add his book “The Darwin Economy” to my wishlist.
