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by c22
407 days ago
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If the wealthy held their wealth in money then there would be no problem. The problem arises because the wealthy hold their wealth in assets, the most productive of which become hoarded in fewer and fewer silos. Since the assets are desireable and increasing in scarcity their asking price increases. Since this price is paid in money, the value of money falls. This would be fine except that most normal people do hold most of their wealth in money so this reduction in buying power makes them poorer. This split is particularly difficult to address because money is easy to tax (redistribute) while assets that may or may not be for sale at some arbitrary asking price are a lot harder to break up in this way. Ultimately, to attempt to extract and redistribute this sort of ethereal wealth requires unpopular adjustments to long-held values of personal freedom and ownership that make the whole system possible in the first place. The problem may in fact be insoluble sustainably. Most of human history provides examples of extreme wealth inequality. |
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