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I took note of what Richard Epstien said about the tax shelters that were being used during the 50's,60's and 70's when America was very prosperous even with higher marginal tax rates. For many increasing these tax rates is one prescription for solving today's inequality. From what I've read those tax shelters that were available during those years of higher marginal tax rates were reduced during the 80's tax cuts.
So for those who would like to solve inequality by going back to the tax rates of the 50's and 60's can you do this without also bringing back the tax shelters that came with those higher tax rates? Because to have those tax rates come back without the same tax shelters that were available could be a huge burden on tax payers.
Great inequality stifiles invention by preventing the inventors from spending their time inventing because they have to slave at Wally World to stay in house and home.
Are you applying that to America or some other countries? When did America have inequality so great that it affected inventors?
Sure it does. Necessity is the Mother of All Inventions. And necessity is determined by those who see an opening in the market for a better product and are willing to put their own resources into seeing the product come to fruition.
If Liberals ever get the Utopia that they've been wishing for, America will be One Big Middle Class, where no one has more money than their neighbor and Government is the sole innovator.
To a good extent I can see his basic point. Hasn't the motivation to become wealthy been a big motivating force that has caused many entrepreneurs to create a product or service that would help them in becoming wealthy? You can carry this over to things like the arts. If a muscian wanted to sell their music wouldn't it help if they innovated a certain way of singing or playing an instrument that stood out causing more interest(sales)in their music leading to them becoming wealthier?
I think you need to clarify what you mean by "inequality".
From your post above, it's poverty, or economic inequality that is a motivating force.
But the bald word "inequality" is closely associated with "racial inequality", which is a more complex issue than economic inequality, encompassing not just access to capital, but access to many other social resources.
Sure it does. Necessity is the Mother of All Inventions. And necessity is determined by those who see an opening in the market for a better product and are willing to put their own resources into seeing the product come to fruition.
Inequality is absolutely a driving force. The true American Spirit is founded on hard-work and making a better life for oneself. For many, that means building a business. Building a business generally means offering a product that's better than the competition. Beating the competition generally means innovation. Innovation generally means success. Success generally means more wealth than what a person started with. More wealth was the original goal.
Inequality is absolutely a driving force. The true American Spirit is founded on hard-work and making a better life for oneself. For many, that means building a business. Building a business generally means offering a product that's better than the competition. Beating the competition generally means innovation. Innovation generally means success. Success generally means more wealth than what a person started with.
None of that is driven by inequality. Making a better life for yourself is not driven by inequality. Rising inequality does not lead to an increase in innovation, or anything good.
None of that is driven by inequality. Making a better life for yourself is not driven by inequality. Rising inequality does not lead to an increase in innovation, or anything good.
You must be stuck on racial inequality.
I'm not. I'm talking financial inequality. And no one suggested the every person who is affected by financial inequality would be an innovator. But the underlying cause of innovation is indeed the desire to do something better, to be something better, to make something better. That's the whole point of innovation, and it comes from those who strive for more than what they currently have.
I think you need to clarify what you mean by "inequality".
From your post above, it's poverty, or economic inequality that is a motivating force.
But the bald word "inequality" is closely associated with "racial inequality", which is a more complex issue than economic inequality, encompassing not just access to capital, but access to many other social resources.
Yes I was referring to economic inequality as a motivating force for stimulating ideas on how to come up with a profitable innovative product to help someone to move up financially.
As far as inequality caused by discrimination I'am not too sure on where most libertarians fall on dealing with that. But I remember seeing a video where Milton Friedman pointed out that the Jim Crow in the south was an example of big governement enforcing that discrimination so he actually felt that the south would have been less discriminatory if their racist big gov't system had less power. I'd assume that libertarians would say that there would be less inequality caused by discrimination if the gov't didn't have the power to discriminate and it instead enforced the laws to protect all citizens wanting to participate in the marketplace.
To some extent yes to some extent no. Eventually the wealthy trying to protect their status try to change the rules. As a result you get stuff like monopolies and patent trolling which kill innovation.
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