August 01, 2007
So, in a fictitious country, we have 99 people who make $20,000 annually, and 1 person who makes $100,000.
Technology then breeds efficiency, and a greater net total of value is created.
Now, 99 people make $30,000 annually, and 1 person makes $1,000,000.
Is this better than before? Yes.
But, there is actually a greater amount of economic inequality than before.
The point is, that there is nothing innately wrong with 'economic inequality'. There is something wrong with poverty, but one does not necessarily beget the other. Are we on the same page?
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