As predicted in a recent CD post, there was a significant amount of "medal inequality" in the 2012 Summer Olympics, see the country shares above of the total 962 medals that were awarded this year to athletes from 85 countries. Note the amazing similarity between the shares of adjusted gross income earned in the U.S. in 2008 and the country shares of Olympic medals awarded this year, in both cases by the top 5, 10, 25 and 50% of "participants" or "earners."The average person seems to understand how "medal taxes" and "medal redistribution" would undermine the competitive process that is essential to the success of the Olympics, but then that same person often seems to accept progressive "income taxes" and "income redistribution," without realizing that the "tax and redistribution" process can undermine incentives to work, produce and invest that are essential to the success of the market economy.
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