The issue of economic inequality has come to dominate the economic and political debate, with mounting numbers of books and articles. Equality is commonly considered as not just good in itself, but something that delivers other values such as health and trust.
At first sight, the statistics look shocking, with a rich few earning most of the world’s income and owning most of the world’s physical and financial wealth. Inequality has been linked to lower life expectancy, poor education, mental illness, obesity, political instability and other so- cial problems. Campaigners call for taxes on wealth, an expansion of the welfare state and higher minimum wages.
However, there are deep flaws in this narrative.