Greg Mankiw is a professor of economics at Harvard and the Chairman of its economics department. He has also authored several popular economics textbooks. He was also the head of George Bush's Council of Economic Advisers and an economics adviser to Mitt Romney's presidential campaign. Therefore, it is not surprising that he is critical of attacks on the top 1%. In this paper, which will be published in top economics journal, he explains why we should not be concerned about income inequality or by those who claim that there has been a decline in economic opportunity.
This post is followed by two short critiques of Mankiw's defense. The good thing about Mankiw's defense of the top 1% is that he has done a thorough job of building the defense. Conservatives will appreciate Mankiw's defense and his critics have been provided with a good target. It is better to attack a good defense of the top 1% than a weaker defense.