Support
Generally, supporters defending wealth concentration also support capitalism. They argue that, the principal assumption that wealth is neither created nor destroyed but rather shifted, is wrong. Wealth is not a zero sum game and thus wealth collected by the wealthy might not be distributable to the poor anyhow. They argue that over the course of human history, total global wealth has grown over the last several centuries, and therefore, investors may reap large economic benefits, and the side effect of investment is the creation of new jobs and industries that increase the overall standard of living for anyone participating in the market. Opponents argue that an increase in economic and social inequality, results in a reduction in the standard of living. In response, neoclassical economics dictates that if a business decreases the standard of living for people participating in the market, participants will exit the market until the business cannot function (that is, bad businesses go bankrupt). Even though there is a priority of who's standard of living is most worth increasing, they will all be increased overall, since none are actually "decreased." For defenses of economic inequality, see the article for Equality of outcome.
Read more about this topic: Wealth Concentration
Famous quotes containing the word support:
“The habit of arguing in support of atheism, whether it be done from conviction or in pretense, is a wicked and impious practice.”
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