Debate on NK’s wall, where someone was arguing against the
importance of reducing wealth inequality.
Wei Hong commented on NK’s link:
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Youtube
20
November 2012
Infographics on the distribution of
wealth in America, highlighting both the inequality and the difference
between our perception of inequality and the actual numbers. The reality is
often not what we think it is.
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One of
the most common arguments against a more equitable wealth distribution is the
idea that it will cause an overall harm to society through reducing individual
incentive. The flaw in this idea is its contradiction with reality, with
international studies showing that wealth equality is correlated with higher
long-term growth.
While I
agree that humans are not equal, and that it is equal opportunity rather than
equal wealth that should be the key focus, the reality is that wealth
inequality is intimately tied to opportunity inequality, for those who can
barely fund their daily living do not have the surplus wealth to invest in
subprime mortgage scams and LIBOR rigging. The golden rule of human rules:
"Whoever has the gold makes the rules."
In
these debates, too often people do not understand the difference between wealth
redistribution and Marxist socialism. While capitalism is arguably an
antithesis of the latter, it need not exclude the former.
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