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Why don't modern societies simply pass a law that requires that everybody have the same income?

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Kelleb Mloyi
Kelleb MloyiLv2
28 Sep 2019

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Related questions

Assuming all societies have access to the same technology(book of blueprints), why don't all societies do things the same way?
Ā 

The goal of all capitalists is to dismiss the competition and gain market power.

a) Explain why that might be hurtful for the economy, though not for everybody, clearly stating who wins and who loses in the presence of monopolies.

b) What can be done about monopolies? Explain some of the possible policy responses by the government and why some might be more appropriate than others in a certain context.

c) But do we have to do anything? Explain Schumpeter's ideas.

d) Does oligopoly leads to a better outcome?

Here is an article that helps explain what happened to the saving rate in America:

http://www.davemanuel.com/2010/03/01/a-history-of-personal-savings-rates-in-the-united-states/

Note some reasons Americans cut way back on saving, particularly in the last 30 years?

Please also comment on whether you are a saver, have ever been a saver, or are likely to become a saver. And if saving is such a good thing, why might it be bad for the economy if everybody saved as much as they possibly could?

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