Inequality and the Pandemic, Part 3: Risk and reward

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"I want to consider the claim that we need inequality in order to encourage people to take risks. The simplest response is to point to the empirical fact that high income earners take (or, more accurately, are subject to) less risk than average not more."

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[...] the inequality of incomes in our society is largely a matter of luck rather than inherent personal ability, and that it is only distantly related to the social value of the contributions people make through their work. These conclusions undercut the idea that taxing those on high incomes will harm society by reducing incentives to work for the most able and social valuable workers.
John Quiggin, "Inequality and the Pandemic, Part 3: Risk and rewardInequality and the Pandemic, Part 3: Risk and reward"