Published: April 6, 2021
Both good and bad income inequality exist. Good inequality comes from entrepreneurial innovation that improves the lives of consumers, even if the inventor gets wealthy. On the other hand, using political muscle to get rich leads to bad inequality, as it comes at the expense of consumers. It is vital to have government policies that can distinguish between good and bad inequality to increase innovation, strengthen the economy, and ultimately give people more incentive to innovate.
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