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> If no one is dirt poor, does it really matter if some are much wealthier than others? Yes, because the wealth distribution has a self-reinforcing inertia, es
by 1propionyl 2y ago
> If no one is dirt poor, does it really matter if some are much wealthier than others?
Yes, because the wealth distribution has a self-reinforcing inertia, especially over generations. Absent mechanisms for redistribution of personal wealth (e.g. confiscatory inheritance/estate tax over a certain amount) it will only concentrate into a kleptocracy.
Too much inequality is bad, even if the lowest 5% lives very well, because it is not a sustainable equilibrium. On the other hand, too little inequality is also not sustainable or desirable.
- cryptonector 2y agoI agree that accumulation of power is bad, and since wealth eventually becomes power, accumulation of wealth beyond some point can be bad. However, complaints about inequality invariably seem to go beyond complaints about the lofty 0.001%.
- pglevy 2y agoBut this hasn't happened. See the book Missing Billionaires by White and Hagani. Subsequent generations are much better at squandering wealth than hoarding it. So that issue sort of takes care of itself.
- WalterBright 2y ago> the wealth distribution has a self-reinforcing inertia 85% of American millionaires are self-made.