Kaushik Basu: Future generations would be aghast at today’s inequality
Live MintWhile there are many ways to measure economic inequality, key metrics consistently show that disparities are getting worse. As technological advances like artificial intelligence reduce demand for human labour, working-class households around the world could become increasingly impoverished. By enabling a few wealthy individuals to wield disproportionate influence, today’s global economy increasingly marginalizes and disenfranchises much of the world’s population, effectively. By taxing all incomes above a certain threshold and transferring this money to those earning below it, governments could reduce inequality without harming incentives. Although the accordion tax could act as a powerful tool for reducing inequality at the national level, today’s globalized economy poses significant implementation challenges.
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