Some economists such as William Baumol and Alan Blinder, criticize the market economy as pro-wealthy. They declare, "This rationing process does favor the rich, and is a problem that market economies must confront." They suggest high progressive tax rates on income to "equalize incomes," and "let the market mechanism distribute goods in accord with preferences." Is it possible for the tax system to redistribute income from the rich to the poor without affecting incentives?

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Following decades of abandonment economic inequality debate takes a top position in the global stage center Advanced economic studies reveal a huge concern regarding the impacts of technological chang... View the full answer