Inequality based on things like your parents wealth, the class your in, possibly color? And It's not gibberish, what I'm talking about is power messing with supply and demand. Either creating an inauthentic supply of something or an inauthentic demand of something, usually done through regulation. Doing a highly regulated state contract will cost 3 times more than in the private sector, and that's because of regulation. But regulation is not just in the state industry, it creeps into virtually any industry you can think of. Regulation also interferes with progress, we've had the tech for the self driving car 6 years ago, just getting to that now, the telephone went 50 years almost with out any improvement. The hydrogen car has been stomped out by power a couple of times. The us patent office has shut down and slapped gag orders on about 5000 different inventions for the sake of helping out their campaign donors, granted some of those inventions might have already been invented and kept top secret, but not most of them
When people see things they don't like, they rush to have the government do something about it, when all that does, even with the best intentions, most of the time is make it worse. It's a hammer and nail, and most people have gotten use to using government as a hammer. With the best of intentions having the govt fix our problems is an end justify means philosophy concerning the power of the individual. It gives the govt more and more power, creates gatekeepers, and govt begins to serve itself instead of it's people. The thought that we need smart people in power to make decisions on behalf of the whole is not a new issue, and may be good for a while, but always winds up bad in the end. My point about china is they have been manipulating their own and our markets for a while, and they have been running on an overheated engine that needs 10% growth or else it comes crashing down. Now they are starting to see the slow down, and they are starting to panic.
Income inequality is impacted by regulations. A regulation can make income inequality better or worse. There are a lot more issues with regards to income inequality than regulations though.
When discussing income inequality people are talking about the degree on income inequality and how that is changing over time. Income mobility is a similar and somewhat related to income inequality but it is a different topic.
Your understanding of economic growth is severely myopic.
My understanding is based on history, look at Kennedy's tax plan and how that helped job growth and boosts tax recites. Look at the laize faire policy of Switzerland and how their economy/standard of living/overall happiness, has been just fine over the past 500 years. Singapore is another good example. Not all regulation is bad... But most is, and it just keeps growing. The answer is not to limit and consolidate those who have control. Or to just declare it's say it's too complicated and we don't understand, so let's let these people decide. That is essentially what your saying
Switzerland is a tiny country that was able to carve out a niche because it is surrounded by much larger nations with much larger economies. It is not really a lesson in reducing regulations but in comparative advantages and how nations relate to one another. Singapore is largely the same way in terms of finance but they also benefit from trade.
Regulations always have to be considered relative to how they impact trade between nations. That is why a lot of trade talks deal with attempts by larger more developed nations convincing smaller nations to increase their regulations. A large economy like the US can take a stand against something like air pollution but that won't stop a company from simply opening up a factory in China and polluting the air in China because the people in China who pay the cost of air pollution don't have the power to stop them.
Economic efficiency is obviously not the only consideration for a regulation. Markets are great at making certain types of value judgments but they are historically bad at making others. This includes everything from the health of workers, to the impact on the environment, to managing financial risk.
So basically the Swiss just got lucky finding that niche? Even though they are one of the oldest governments in the world, they just somehow keep finding that niche throughout history. But I guess they are able to feed off of the other nations in a sense. Nothing to do with their policy?(which by the way is what we were originally based off of). And we are to ignore them bc they are small, not necessarily small, still a good size European country, but still too small for us to recognize?
Here's my next question when has a regulation ever been enough? Give it ten years or so and it needs to be re-regulated. And with all the regulation we currently have, do you personally think it is enough concerning the three that apparently ordinary folk can't do on their own, healthcare of workers, impact on the environment, and managing financial risk. Mind you healthcare for workers was invented by I believe Henry ford, not the fed. And there was a bigger financial crash before, that by all metrics should have been worse than the Great Depression, but self corrected in a year. And we have made hydrogen cars, almost just as efficient as petroleum powered cars, no emissions, and limitless energy since hydrogen is by far the most abundant element in the universe. Why are we not using them?
Here's another question, would a JFK style tax cut boost Americas economy? If not, than why did it work that time?
And yes regulation is not the only factor, but it is a big one, especially considering the natural resources, ingenuity, and intelligent workforce that America possesses, yet so much goes to waste.
