Many claim inequality is a social ill needing correction at any cost. But evidence shows the opposite. Inequality is not a defect. It is the main mechanism that rewards hard work and drives progress in society.
In modern politics, the slogan that inequality must be reduced has gained much support without much question. This view treats differences in wealth as harmful to social harmony and fairness. In truth, these differences arise naturally from the free choices people make and the value they create for others. Removing them by force would harm the incentives that lead to new inventions and better services for all.
When rewards vary based on results, individuals strive to do better and stand out. This competition benefits society by producing more goods at lower prices and creating jobs. Data from many countries shows that periods of rising inequality often coincide with rapid improvements in living standards for the average person. The focus on equality of outcome can slow this positive process down significantly.
Instead of fighting inequality itself, efforts should aim at removing barriers to opportunity for all. Good schools, open markets, and protection of property rights help more people succeed on their own. This way, the system remains fair while allowing the natural outcomes of effort and talent to shape results. Overall growth then lifts more boats than forced leveling ever could achieve in practice.
Original Author: Lipton Matthews | Source: FEE
567.290 SRY