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Total incomes decline as economy stagnates
Wealth is forcibly distributed across large numbers of people without allowing them the opportunity to accumulate wealth. This creates a largely impoverished, non-inovative, poorly motivated population. Additionally, without accumulation of capital in the amounts required for investment, these laws slow down, or even stop, economic growth.
Read “Socialism, Capitalism, and Income” by Edward Lazear, available - 404 Page not found.
How would you relate this to Bill Gates 2009 Ted Talk (now almost unfindable on the internet) where he talks about creating a form of market that reaches those at the bottom who do not have the income to participate in the profit driven upper spectrum of the Free Market economy?
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