“One of the most significant results of the industrial struggle during the past fifty years has been the creation of a condition of a vast inequality of wealth and income.”

— Kirby Page

"The Commercial Motive" ibid.
Context: One of the most significant results of the industrial struggle during the past fifty years has been the creation of a condition of a vast inequality of wealth and income. This inequality is so extreme that it now constitutes one of the chief sources of bitterness and strife in modern life.... not that the poor have been getting poorer but that the number and sizes of great fortunes have increased enormously.

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Kirby Page 248

American clergyman 1890–1957

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“I have stressed inequalities in wealth and incomes because they reveal how far this country falls short not only of an ideal but of an actual condition of equality that was taken for granted by democrats like Jefferson and Madison in the early years of the Republic. But there is another important reason for particularly stressing incomes. When we attempt to compensate for gross inequalities in incomes by means other than providing income itself, the result is likely to be a patchwork of irritating regulations enforced by bureaucratic agencies.”

Robert A. Dahl (1915–2014) American political scientist

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“The industry has not grown much during the past three or four years. It is practically stabilized at the present [1927]. What has taken place is a shift from one manufacturer to another.”

Alfred P. Sloan (1875–1966) American businessman

Source: Alfred P. Sloan in The Turning Wheel, 1934, p. 210. Sloan in his Proving Ground address in 1927 to automobile editors, in discussing the so-called saturation point.

“Wealth — Any income that is at least $100 more a year than the income of one's wife's sister's husband.”

H.L. Mencken (1880–1956) American journalist and writer

1940s–present, A Mencken Chrestomathy (1949)

“The income tax is a much less effective tool for reducing inequalities than has often been thought.”

James Mirrlees (1936–2018) Scottish economist

Source: An exploration in the theory of optimum income taxation, 1971, p. 208

“Inequalities of wealth, unjustly established, have assuredly injured the nation in which they exist during their establishment; and, unjustly directed, they injure it yet more during their existence. But inequalities of wealth justly established, benefit the nation in the course of their establishment; and, nobly used, aid it yet more by their existence.”

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“Social and economic inequalities, for example inequalities of wealth and authority, are just only if they result in compensating benefits for everyone, and in particular for the least advantaged members of society.”

John Rawls book A Theory of Justice

Source: A Theory of Justice (1971; 1975; 1999), p. 14.

“Industry must further expand its horizon of thinking and action Industry must further expand its horizon of thinking and action. It must assume the role of an enlightened industrial statesmanship. To the extent that it accepts such broadened responsibilities, to that degree does it assure the maintenance of private enterprise, and with it the exercise of free initiative as the most efficient creator of wealth.
During the past few years it has become the vogue to discredit every instrumentality of accomplishment, be it the individual or the machine. It has been said that American industry is selfish. It would be far more just to say that it has been preoccupied — preoccupied in exploring the secrets of nature and creating a continuous flow of new products.
But, as we look forward, and as we analyze the evolution that has occurred, I am convinced that industry's responsibilities can no longer be adequately discharged, however efficient and effective it may be, with the mere physical production of goods and services.”

Alfred P. Sloan (1875–1966) American businessman

as cited in: Thurman Arnold. The Folklore of Capitalism. (2000), p. 72
New York Times interview, 1935

“Both in England and on the Continent a graduated property tax (l'impôt progressif) has been advocated, on the avowed ground that the state should use the instrument of taxation as a means of mitigating the inequalities of wealth. I am as desirous as any one that means should be taken to diminish those inequalities, but not so as to relieve the prodigal at the expense of the prudent.To tax the larger incomes at a higher percentage than the smaller is to lay a tax on industry and economy; to impose a penalty on people for having worked harder and saved more than their neighbours. It is not the fortunes which are earned, but those which are unearned, that it is for the public good to place under limitation.”

John Stuart Mill (1806–1873) British philosopher and political economist

Principles of Political Economy http://www.econlib.org/library/Mill/mlP64.html (1848), Book V, Chapter II

“Whenever the rate of return on capital is significantly and durably higher than the growth rate of the economy, it is all but inevitable that inheritance (of fortunes accumulated in the past) predominates over saving (wealth accumulated in the present). … The inequality r > g in one sense implies that the past tends to devour the future: wealth originating in the past automatically grows more rapidly, even without labor, than wealth stemming from work, which can be saved. Almost inevitably, this tends to give lasting disproportionate importance to inequalities created in the past, and therefore to inheritance.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 377.

“An income tax intended to reduce inequality and promote the diffusion of wealth has in practice fostered reinvestment of corporate earnings, thereby favoring the growth of large corporations, inhibiting the operation of the capital market, and discouraging the establishment of new enterprises.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: (1962), Ch. 13 Conclusion, 2002 edition, p. 198

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