The riches line
Reading: What, if Anything, is Wrong with Extreme Wealth? Ingrid Robeyns, Journal of Human Development and Capabilities, 24 June 2019.
The opposite of a poverty line: "Limitarianism claims that one can theoretically construct a riches line and that a world in which no one would be above the riches line would be a better world."
"Better" here means at least two things:
- Democratic equality: "the wealthy are not only more able but also more likely to spend money on the various mechanisms that translate money into political power; this tendency is mainly because of the decreasing marginal utility of money." Certainly, the super rich can and do fund politics.
- Unmet needs: especially in climate change.
It's an appealing idea, new to me, but goes back a long way. I'd like to see more about how economic limitarianism is different from higher (70%–100%) tax rates, or what mechanisms might prevent avoidance. There's a 2023 open book on Having Too Much, which I have not yet read.
Limitarianism is not about rich people per se; instead, it is about the effects of the situation of extreme wealth on society.