Tuesday, April 23, 2019

Economic Inequality

The US and others should never focus on complete removal of economic inequality among its people. That would lead to disaster, although the elimination of extreme poverty would be a reasonable objective. But economic inequality is a natural by-product of creating new, successful wealth-creating venture companies.  When smart, hard-working people, create new successful, companies, they hire other people like themselves (smart and hard-working), who, working together, get rich. You cannot prevent great variations in wealth in a country without this process going on. Paul Graham wrote, “So if you made it impossible to get rich by creating wealth in your country, people who wanted to do that would just leave and do it somewhere else.”  If the smart and hard-working people stop coming to developed countries, such as the US and start making their fortunes elsewhere, now developed countries, such as the US, may achieve one national statistical objective but go broke in the process.

If economic inequality in the US was a serious problem, why do so many of the world’s poor want to migrate to the US?  Although most US voters do not want to spend the money on a physical wall, An overwhelming majority of US voters do believe that security along the southern border is a problem, with 48 percent saying that it’s a ‘serious problem’ (The Hill, https://hetherman.link/2Proe5E ).

From the arguments calling for enforced economic inequality that I have read, most base their justification on the fact that “all men are created equal.”  Under the law, all men and women are created equal, but economically, each man and each woman is an individual person, and each person’s performance is not identical.  In business, each person must be compensated for his or her own performance and not on some statistical manipulation.

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