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This essay is a summary of a book with the same theme and title I have been trying to write since 2012. I couldn't finish it to my satisfaction. I then felt I might never finish it. And I suspended my book project to focus on this lengthy summary. There may be some lacunae in this summary, as in the book version. And my scholarship in economics is admittedly weak. Despite that, I believe a majority among the readers who take the time to read this would agree with my basic arguments.
As embedded in the title, the remunerations that each of us gets have very little correlation to what we are worth, or to our skill and effort. Therefore, moderate tax-hikes on the top 0.1% incomes to about 50% to spend on various public service and social safety-net programs are substantially beneficial to any society. The misery of the least among us must be alleviated.
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