As calls grow louder to cap personal fortunes, a new philosophy – “limitarianism” – argues that no one should be allowed to be rich beyond a fixed limit. In this essay, Tim Worstall, Senior Fellow at the Adam Smith Institute, takes aim at the idea, arguing that it rests on a fundamental misunderstanding of how wealth, value and incentives actually work. From Mark Zuckerberg to global inequality, he makes the case that extreme riches are not a social failure, but often the by-product of innovations that benefit billions – and that banning wealth would leave society poorer, not fairer.
Despatch brings you the best articles from CapX’s unrivalled daily newsletter.
","author_name":"CapX"}