There is no doubt that extreme poverty should be banned from this world, sooner rather than later. However, when it comes to extreme wealth, some nuance is in place, says Professor Ivo Arnold in a response to the Oxfam Novib report about inequality.
According to Ivo Arnold, Professor of monetary economics at Erasmus School of Economics, extreme wealth is not always bad as long as it’s the result of valuable innovations, smart entrepreneurship or hard work. In addition, these extreme wealthy should pay their taxes and treat their employees and suppliers with respect. It is of utmost importance that governments sharpen and maintain their tax rules so that the extreme wealthy do not escape their social responsibility.