A recent study argued, with evidence, that what bothers people more than inequality per se is “unfairness.” Those of us who think genuinely competitive markets are key to human betterment can use this information to address concerns about inequality.
Income equality sounds like a good thing until you realize it means that everyone is equally poor. Income inequality means that if you enter the workforce with low skills and low income, you can move up the ladder to higher incomes as you improve and increase your skills. But it also means that some people are richer than others. When is income mobility worth the income difference?
