For what reason and by what right would an income cap be imposed? Because it is unfair that some people make more money than others? Well, they either do so because their skills are more economically valuable than others, or because they are lucky. Suppose the former: Then why should they forego the advantage and give it to others, and how would one determine the allocation of limited resources---- by lot? Take Michael Jordan: the man could command millions because he could draw spectators, and in addition to his natural talent he spent years honing his skills. Why should he take all of that trouble so that ticket buyers can get in for pennies? And how does he choose among teams? Should he be forced to go here or there because someone "won" him. Obviously, it is unfair not to give people their market value, and it would deplete our supply of doctors, scientists, and entrepeneurs, anyone who goes through a lot to achieve success.
On the other hand, suppose that someone gets more by luck. Luck is neither fair nor unfair, it just is. Should we put a cap on beauty and intelligence? Should we not let people have great parents because not all parents are so hot? And if you say that it is unfair that rich people get more in life, consider that most of these goodies would be either not be available without someone who could afford them, or they would be in such limited supply that they themselves would be doled out by lot, and some people wouldn't get them anyway. Why is it necessary that you rob someone of their good fortune, out of envy and spite? |
