Is It Wise to Tackle Income Inequality?

When we focus on income inequality, we often miss the broader target of addressing social inequity. While income inequality is a statistic worth discussing, it’s high time we redirected our efforts toward a more comprehensive approach to social justice.

Why Income Inequality is Misleading

Income inequality, in itself, isn't the problem. The real issue lies in the broader social inequity that underpins our economic system. Our society has an inherent flaw, where being born into a certain economic class can alter your life chances significantly. This "birth lottery" has far greater impact than any other factor.

Consider an example: an individual has an equal chance of being born into a family with a long line of "old money" or to a seventh child of a tribal goat herder. Does it make sense to try to change this outcome by dictating outcomes? This retaliatory approach is fundamentally flawed.

Leveraging Meritocracy

The best way to address this imbalance is to level the playing field. Income should reflect an individual’s ability and initiative, not the arbitrary advantages inherited from one’s birth. The challenge here is immense—how do we ensure that ability is a product of individual effort and not privilege derived from wealth or birth?

The rich have a vested interest in maintaining the tilted playing field. They can and will advocate for systems that benefit their offspring, fearing that a more level playing field might equalize the competition. To truly address this, we need to shift our focus to meritocracy.

Implementing Meritocratic Strategies

To promote meritocracy, we should introduce two key measures:

Basic Income: Implement a sufficient basic income to ensure no one grows up in poverty. This measure would provide a safety net, allowing individuals to focus on improving their skills and abilities without financial distress. Fully Fund Education: Invest heavily in education from kindergarten through to the master's level. Education is a powerful tool for breaking cycles of poverty and ensuring that every individual has the opportunity to reach their full potential.

These measures would significantly reduce social inequities in our economy. However, the problem of intergenerational wealth transfer remains, but addressing these two aspects is a substantial step in the right direction.

Why the Wealthy Should Support These Measures

Interestingly, it might benefit the extremely wealthy to support these shifts. History has shown that income inequality has correctional mechanisms, just as all natural systems have mechanisms to balance themselves. For income inequality, the most well-known correction is the guillotine.

By supporting equitable policies, the wealthy can mitigate potential risks and ensure a stable and prosperous society. Additionally, a more educated and capable workforce can lead to economic growth and stability.

In conclusion, addressing social inequity, rather than income inequality, is the better goal. By leveling the playing field and promoting meritocracy, we can create a fairer and more just society.