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Smith thought that regulation only reduced wealth, a view in part adopted by the British government 56 years after his death.
The problems associated with our long term imbalances have been exacerbated by the reduced wealth experienced as a result of the credit crisis.
"Reduced wealth, high debt, tight credit and a weakening labor market are all weighing on consumers," Nigel Gault, chief United States economist at IHS Global Insight, wrote in a research note.
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To reduce wealth inequalities, you introduce wealth taxes, as we did with inheritance tax a century ago.
Consider the millions of dollars given to charity each year -- a rational act that reduces wealth but enhances well-being.
The worker has become the consumer in China, with the government determined to raise household incomes and reduce wealth disparities.
IHT could also help reduce wealth inequality, which sees the richest 10% of UK households own 850 times more wealth than the bottom 10%.
A far less risky course to reduce wealth for estate-tax purposes is to transfer to children nonprimary residence assets such as stocks and bonds.
Backers of Mr. Bush's plan say that high marginal tax rates reduce wealth creation by discouraging investment, an effect that has serious long-term economic consequences.
Bayrou says he would raise minimum pensions and reduce wealth tax, reduce agricultural subsidies 'which are murdering African countries', increase overtime pay to disband the 35-hour working week and allow gay couples to adopt children.
Just as the concentration of wealth at the very top reduces wealth at the bottom, the aggressive hoarding of intellectual capital in the most sought-after colleges and universities has curtailed our investment in less prestigious institutions.
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CEO of Professional Science Editing for Scientists @ prosciediting.com