1. My use of "power" was about political power. The political can regulate the economic. If you have competent governance, you can regulate attempts to use raw purchasing power as a tool to shape politics.
2. It's not about the unfair value that heirs get. It's about whether that would significantly distort the function of meritocracy.
Yes, it's unfair that someone might get a 20k annual dividend, just like it's unfair that some people are born stunningly gorgeous or incredibly genius.
As long as wealth tends to dwindle, these marginal inequities would not disrupt a functioning meritocracy.
On the final bit, the question becomes whether the motivation to provide for one's kids is greater than the demotivation of inheritance. I think the former is greater. Especially in people who might have a shot in creating a fortune.
Which raises another point -- one focused on real data rather than theory. Do you think it'd be a good move for a country to significantly clamp down on inheritance on its own? What impact would that have on the country's ability to attract and retain top talent?
2. It's not about the unfair value that heirs get. It's about whether that would significantly distort the function of meritocracy. Yes, it's unfair that someone might get a 20k annual dividend, just like it's unfair that some people are born stunningly gorgeous or incredibly genius. As long as wealth tends to dwindle, these marginal inequities would not disrupt a functioning meritocracy.
On the final bit, the question becomes whether the motivation to provide for one's kids is greater than the demotivation of inheritance. I think the former is greater. Especially in people who might have a shot in creating a fortune.
Which raises another point -- one focused on real data rather than theory. Do you think it'd be a good move for a country to significantly clamp down on inheritance on its own? What impact would that have on the country's ability to attract and retain top talent?