“wealth” meaning “the sum of goods and services”. I deeply hope that we can agree on this meaning of “wealth”.

Okay, sort of. I would say there is ‘real’ wealth (real assets, services) and financial wealth (financial assets).

I claim that you cannot transfer wealth to somebody (say, black people), without depriving somebody else of that wealth. Can you agree with my claim?

Not exactly. On the financial side, the government can credit the bank accounts of slave descendants without debiting the bank accounts of anyone else. It can ‘deficit spend’ on slave descendants.

The net effect of this under current conditions would probably be a slight boost in aggregate demand with minimal inflation, if any. It would be a one-off, targeted Keynesian stimulus. Yes, those dollars would be spent on real resources and labor in the economy that may have been bought by someone else instead. But, like any stimulus, it will boost economic activity with multiplicative effects, creating new real assets and employing previously dormant labor.

You might say that it is still unfair because of the targeted nature of the stimulus. But rather than ‘taking’ from a group to ‘give’ to another, everyone will be better off due to the net injection of financial assets (stimulus). One group will just gain more from it than the other.

Corporate accountant and former auditor with degrees in philosophy and accounting.

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