Drawn into the stream
Of undefined illusion
Those diamond dreams
They can't disguise the truth
--Level 42
Prof Williams considers whether inequality of incomes is 'fair.' If it was obtained by force, as in the case of a person robbing another, then such income would not be fairly obtained. That property needs to be taken from the thief and returned to its rightful owner.
If the income was obtained thru production and trade, then that income is is fairly obtained. That income serves as proof that the individual who obtained it has served his fellow man. As Williams notes, "A system that requires that one serve his fellow man to have a claim on what he produces is far more moral than the system without it." The more a person serve others, the greater that person's income.
Compare that to the system promoted by many politicians that works like this: "You don't need to work to have a claim on the production of others. Instead, just vote for me. Via the tax code, I will take some of what your fellow man produces and give it to you in the name of 'fairness.'
How could such a morally corrupt system ever get traction? Because the distribution of wealth is naturally skewed. A few have a lot compared to many who have less. Merge that with a democratic political process where majorities get their way and control the strong arm of government, and it is easy to see how the many rationalize their theft of the few in the name of 'fairness.'
Wednesday, March 13, 2019
Incomes and Fairness
Labels:
agency problem,
democracy,
government,
productivity,
property,
self defense,
socialism
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