Too many choices results in 2 primary problems:
1. Paralisis in choice – too many choices makes it difficult/impossible to choose
2. Less satsified in the choices is that is’t too easy to imagine all the alternatives (opportunity costs) that could have potentially be better.
Why choice makes people miserable:
1. Regret and anticipated regret
2. Opportunity costs
3. Escalation of expectations
4. Self blame – leads to depression
Seems like this is that similar to wealth, some choice is good at improving happiness and welfare. But too much choice doesn’t increase happiness at all, and actually decreases.
Thus, the conclusion is that wealth redistribution would actually be helpful for both the top and bottom classes. See the 50s where we did have a larger middle class – did we have something going there?