‘Socialism for the rich’ — The Real Life Evils Of Bad Economics
“There’s been class warfare going on for the last 20 years and my class has won.” — Warren Buffet, billionaire investor By Jonothan Aldred The Guardian (6/6/19) In most rich countries, inequality is rising, and has been rising for some time. Many people believe this is a problem, but, equally, many think there’s not much we can do about it. After all, the argument goes, globalisation and new technology have created an economy in which those with highly valued skills or talents can earn huge rewards. Inequality inevitably rises. Attempting to reduce inequality via redistributive taxation is likely to fail because the…