Wealth inequality is a sore subject in American politics, and a topic that the political right and left can’t seem to navigate in any compromising way. While part of this is due to a fractured and polarized political base, much of this is also attributable to fundamental misunderstandings about what wealth is, what it does for our society, and how it affects people on an individual level. Resolving these misconceptions about wealth, or at least coming to a clearer understanding of different perspectives on wealth, can help us create economic policies that make logical sense -- rather than catering to popular, yet misinformed mobs. Capital and Rent Seeking Economics Rent seeking economic behavior is described as a strategy to gain wealth without any reciprocal contribution of productivity. A classic example here is taxi licensing; in some areas, taxi drivers must pay an exorbitant fee to operate a taxi, but the license itself provides no inherent productivity or value to...(Read Full Article)