Reblogging for future reference.
I don’t like the inequality debate because it’s a distraction from the far more important issue of how to generate more growth.
Nonetheless, I feel compelled to once again address the topic. Let’s start with a moral observation: There’s nothing wrong with the kind of inequality that results from honest exchange.
Bill Gates earns far more money than me, but his earnings and wealth are the result of voluntary exchange (at least as far as I know). Consumers voluntarily give him money because they value the goods and services produced by Microsoft.
So it would be nothing but self-destructive envy for me to grouse and complain. And it would be immoral for me to steal his money, either acting on my own or using the coercive power of government.
Dennis Prager elaborated on this principle in National Review.
…what most matters…is whether the wealthiest class has attained its wealth…
View original post 1,235 more words