It doesn’t really matter if the delta shrinks, if, in absolute terms people in the bottom and middle are better off. This is the problem I have with the framing of wealth inequality.
If you're better off than a king was 100 years ago, and there’s a billionaire out there that’s a thousand times richer than you are, what’s the issue? I’d rather live in a high-delta society than a society where everyone is equal, but equally destitute (Venezuela, Cuba, etc).
If you're better off than a king was 100 years ago, and there’s a billionaire out there that’s a thousand times richer than you are, what’s the issue? I’d rather live in a high-delta society than a society where everyone is equal, but equally destitute (Venezuela, Cuba, etc).