Re: Question re: inequality

On Tue, 11 Oct 2005 07:51:32 GMT, Mason A. Clark <masoncERASETHIS@xxxxxxxxxxxxx> wrote:

>Question: Is there or is there not a tendency, in a completely
>free economy, for inequality to continually increase?
>
>That is, for the rich to become richer and more numerous and
>the poorer to become poorer and more numerous?
>
>Given no organized, governmental or societal, actions to
>impede the trend?
>
> Mason C


Not necessarily. Wealth tends to flow to people that are able
to master new technologies first. Throughout history those
that mastered new technologies; agriculture, metalurgy, steam
power, steel, oil, transportation (railroads), electronics, internet,
etc. have acquired great wealth but not at the expense of
other people. They created wealth rather than expropriated it.

The U.S. is the wealthiest country in the world, but at one time
we were as poor as every one else. We mastered a number
of items including oil, steel, transportation, electronics and
computers, industrial management, and capital formation. When
that is combined with our relatively free markets, rule of law,
and property rights, we have even gotten wealthier. That some
of the world is getting poorer is not because we have gotten
wealthier, it is due to their own society and culture. Look at what
Japan was able to accomplish in 150 years. Look at Hong Kong
in the last 60 years. Look at South Korea in the last 50 years.
.

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