Monday, March 16, 2015
I was at Gene Callahan's and saw something in his sidebar that I had to read. I went with the same title.
Inequality matters because (1.) capital endures through time, as dkuehn says; and (2.) accumulation requires a source. If wealth accumulates by a skimming that creates poverty, then accumulation destroys the environment it needs to survive, and ultimately destroys itself. Civilizations die by suicide, as Toynbee said.
I read an old paperback by Heilbroner long ago. In it he said he didn't expect capitalism to last another N years. That's the problem. That's the reason inequality matters. Capitalism is not sustainable because a growing inequality changes the economic environment.
It has nothing to do with fairness or ethical significance.
Posted by The Arthurian at 4:00 AM