Jacobs: Because meritocracy rates as the number one argument that defenders of inequality invoke. It is easy to make an ethical case against extreme concentrations of wealth, drawing from the perspectives of Marxism, utilitarianism, or the egalitarian liberalism of John Rawls. But going down that road requires people you’re trying to persuade to change their value systems, and that’s difficult.
Debunk the meritocratic argument on its own terms, by contrast, and all the defenders of inequality have left is libertarianism, a value system that has much less appeal among the American public than meritocracy.…
Altogether, my research traces 65 percent of the world’s billionaire wealth to the rents of cronyism, inheritance, and monopoly.Evonomics
Extreme Inequality Is Not Driven by the Merit, but by Rent-Seeking and Luck
Sam Pizzigati interviews Didier Jacobs