> and yet wealth inequality keeps steadily getting worse
Disagree that wealth inequality is inherently bad. I think the rise in wealth inequality is downstream from a smaller fraction of people producing a greater fraction of value.
For example, J.K. Rowling has a net worth of around $1.2 billion. Her books have sold over 600 million copies worldwide, along with over 1 billion movie tickets. Her work provided an enormous amount of value to people. If you consider $1 per book and $1 per movie ticket to be reasonable compensation, then a net worth of $1.6 billion is fair. Such a large fraction of the global population reading the same books and watching the same movies, is not something that would have happened in the 1950s.
I suspect that people who provide lots of value are more likely to be undercompensated than overcompensated. Just because you provide a lot of value doesn’t mean you capture much of it. E.g., Linus Torvalds has probably done more good for the world than Bill Gates, but since Linus gives his OS away for free his net worth is far lower.
Some people become wealthy through corruption, or fraud, or by taking advantage of people with skill issues (junk food, sports betting, engagement-maximizing social media algorithms) but the problem there is the harm done, not the inequality itself.
Agreed that we have serious problems today. But I don’t think they are mostly economic in nature. The main new economic problem is that life is now full of traps that didn’t used to exist. High-quality nutritious food is much cheaper than in the 1950s, but junk food is even cheaper and tastes delicious. You can do sports gambling on your phone. You can doomscroll TikTok on your phone. This is a “skill issue”, but many people get hooked on junk food or TikTok as children and children are going to be unskilled. If you avoid the traps, things have never been better (from a purely economic perspective).
I think our main problems are social, cultural, and [redacted]. Unfortunately, a full discussion of them would require touching on some forbidden topics.