Inequality of outcomes is a requirement for incentives to improve. Correlated variance in income in return for variance in production is just. Generally, prices provide information about where more production is required, though at the cost of obscuring how that production was obtained.
What we quibble about is (a) the distribution of the income function relative to the individual's production, and (b) how much income gets distributed on the basis of mere ownership, rather than production.
The super-elite benefit much more from (b) than from (a). Mobility of capital means (b) is generally under-taxed.
What we quibble about is (a) the distribution of the income function relative to the individual's production, and (b) how much income gets distributed on the basis of mere ownership, rather than production.
The super-elite benefit much more from (b) than from (a). Mobility of capital means (b) is generally under-taxed.