So make capital gains taxes scale from 100% to 30% with the log of time you held the asset for.
Saves wasting 20% of the labour force and gigawatts of electricity on hfc and other fintech too.
Saves wasting 20% of the labour force and gigawatts of electricity on hfc and other fintech too.
Capital (ie. the control over the physical commodities of the world including accumulated past labour whether assigned by markets, by political power, or by favour of those higher in a heirarchy) is agglomerative, and systems that don't redistribute it are pathologically broken. If your system assigns power and privilege to power, then you wind up with mentally ill power-seekers in control of everything. It should then be hardly surprising that they abuse the people under them and oppress and kill in order to get even more power.
The "meritocracy trap" is well-known (see for example Michael Sandel's critique of same), but it says more about what changes are needed to get to a more truly meritocratic state, than it does about what meritocracy fundamentally is.
Subsidiarily, the critique of meritocracy says less about how good or bad meritocracy is, and more about how the real world we live in is not meritocratic at all.
The danger is not "meritocracy" itself, the danger is fooling yourself into thinking that you got where you are because of merit rather than a lot of luck.