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Utility, welfare, and efficiency

  1. Welfare economics: an introduction
  2. The perils of Potential Pareto
  3. Inequality, production, and technology
  4. Welfare theorems, distribution priority, and market clearing
  5. Normative is performative, not positive

posted by kliuless on Jul 7, 2014 - 7 comments

“So… do you… do you suppose we should… talk about money?”

Introducing Sociology: Tim Kreider's influential 1999 essay (previously) on how Stanley Kubrick's Eyes Wide Shut uses sex and infidelity to cover up a story of greed and murder by the elite gets a brand new afterward by the author to introduce a new site for his non-fiction writing, TimKreider.com
posted by The Whelk on Apr 23, 2014 - 51 comments

Evenly distribute the future: Issuing more bio-survival tickets

VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
posted by kliuless on Apr 18, 2014 - 20 comments

Aggregate Demand Management: "pass a law allowing the Fed to cut checks"

Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
posted by kliuless on Mar 16, 2014 - 19 comments

"Elites preying on the weak, the gullible, the marginal, the poor."

"We condition the poor and the working class to go to war. We promise them honor, status, glory, and adventure. We promise boys they will become men. We hold these promises up against the dead-end jobs of small-town life, the financial dislocations, credit card debt, bad marriages, lack of health insurance, and dread of unemployment. The military is the call of the Sirens, the enticement that has for generations seduced young Americans working in fast food restaurants or behind the counters of Walmarts to fight and die for war profiteers and elites."
-- War is Betrayal. Persistent Myths of Combat, an essay by Chris Hedges of Truthdig. Responses within. [more inside]
posted by zarq on Aug 9, 2013 - 57 comments

How New Yorkers Make It There

New York magazine, via Reddit, compares how much people in New York City get paid to do thier jobs.
posted by The Whelk on Jun 16, 2013 - 86 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

Jack Whittaker's Powerball tragedy.

The day would come when many West Virginians recalled the story of Jack's Powerball Christmas with a shudder at the magnitude of ruination: families asunder, precious lambs six feet under, folks undone by the lure of all that easy money.
posted by Egg Shen on Nov 29, 2012 - 68 comments

use value vs. exchange value

What Is Value? What Is Money? (via via) [more inside]
posted by kliuless on Sep 1, 2012 - 15 comments

"Just the idea of holding money can make people selfish."

How Money Makes People Act Less Human: Earlier this year, [Paul] Piff, who is 30, published a paper in the Proceedings of the National Academy of Sciences that made him semi-famous. Titled “Higher Social Class Predicts Increased Unethical Behavior,” it showed through quizzes, online games, questionnaires, in-lab manipulations, and field studies that living high on the socioeconomic ladder can, colloquially speaking, dehumanize people. It can make them less ethical, more selfish, more insular, and less compassionate than other people. It can make them more likely, as Piff demonstrated in one of his experiments, to take candy from a bowl of sweets designated for children. “While having money doesn’t necessarily make anybody anything,” Piff says, “the rich are way more likely to prioritize their own self-interests above the interests of other people. It makes them more likely to exhibit characteristics that we would stereotypically associate with, say, assholes.”
posted by Mooski on Jul 3, 2012 - 70 comments

the dawn of a Star Trek generation

In Praise of Leisure - "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via) [more inside]
posted by kliuless on Jun 22, 2012 - 117 comments

An unfiltered view from the top of the pyramid

In an investment manager's view on the top 1% - referring to the richest Americans by wealth and income - we learn that one needs $1.2 million in net worth to barely slip in the door of the top 1%. But that's just a start: the real power and influence in the U.S., the author argues, resides in the top 0.1%. You can guess who you'll find there: bankers and large-cap CEOs. Relevant quotes include... [more inside]
posted by mark7570 on Aug 4, 2011 - 115 comments

It's the Inequality, Stupid

Eight charts that explain everything that's wrong with America from Motherjones.com
posted by blue_beetle on Feb 22, 2011 - 103 comments

Money IS A Thang

Jay-Z, Buffett and Forbes on Success and Giving Back
posted by ThePinkSuperhero on Sep 27, 2010 - 10 comments

The Net Worth of the U.S. Presidents

The Net Worth of the U.S. Presidents
posted by twoleftfeet on May 24, 2010 - 54 comments

Nails Goes to Wall Street

Lenny Dykstra was lauded for his heroics with the Mets and Philles. After his career, Dykstra became well-known as a post-career athlete success story. Then the truth started coming out... [more inside]
posted by reenum on Oct 27, 2009 - 22 comments

I'd buy that for a $1M

Maybe you shouldn't buy that.
posted by Brandon Blatcher on May 16, 2009 - 63 comments

Dating A Banker Anonymous

Dating A Banker Anonymous Are you or someone you love dating a banker? If so, we are here to support you through these difficult times. Dating A Banker Anonymous (DABA) is a safe place where women can come together – free from the scrutiny of feminists– and share their tearful tales of how the mortgage meltdown has affected their relationships. Via
posted by ColdChef on Jan 28, 2009 - 167 comments

Economic Consequences

The Economic Consequences of Mr. Bush. "The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup." [Via Firedoglake.]
posted by homunculus on Nov 18, 2007 - 70 comments

Living the good life on just $483,800 a year

What it costs to live well in the United States. According to Forbes, living well for a family of four in New York City requires an annual income of $483,800, compared to $189,923 in Wichita, Kansas. Of course, living well, according to the methodology, involves a vacation home, a BMW 325i and a Lexus RX 330, weekends at the Ritz, and almost no savings, so you might want to skip one of these things if you are a few bucks shy. Also worth noting, the most expensive ZIP codes and houses in the United States (and the world). Are you living well?
posted by blahblahblah on Apr 25, 2006 - 83 comments

My life is good, you old bat!!

I'm the 24,519,565 richest person on earth! According to the Global Rich List, which says I make more than 99.506% of the people alive today. Only 24.5 million people between Bill Gates & myself...
posted by jonson on Oct 21, 2005 - 90 comments

How Rich is Too Rich For Democracy?

How Rich is Too Rich For Democracy? At what point does great wealth held in a few hands actually harm democracy, threatening to turn a democratic republic into an oligarchy? It's a debate we haven't had freely and openly in this nation for nearly a century, and last week, by voting to end the Estate Tax, House Republicans tried to ensure that it wouldn't be had again in this generation. But it's a debate that's vital to the survival of democracy in America. In a letter to Joseph Milligan on April 6, 1816, Thomas Jefferson explicitly suggested that if individuals became so rich that their wealth could influence or challenge government, then their wealth should be decreased upon their death. He wrote, "If the overgrown wealth of an individual be deemed dangerous to the State, the best corrective is the law of equal inheritance to all in equal degree..."
posted by mk1gti on Apr 20, 2005 - 65 comments

In their proper place, the depths

Where Wealth Lives
"The top 1% of families, as measured by net worth, receive about 15% of income but own 30% of the nation's assets -- including stocks and bonds, homes, and closely held businesses. That's according to the Federal Reserve's Survey of Consumer Finances. The top 10% of families, as measured by net wealth, own 65% of assets, and the top 50% own a stunning 95% of assets..."
posted by kliuless on Apr 10, 2004 - 23 comments

For the privileged few...

Just how rich are you? The worlds 225 richest people have a combined wealth greater than the poorest 2.5 billion people. Where do you fit into the picture? via b3ta
posted by carfilhiot on Sep 5, 2003 - 63 comments

Robin Hood Mentality

Soaking the Rich This post probably won't be very well received in this forum which is mostly consisted of lefties, but can you really justify stealing such a disproportionate amount from the rich?

Conventional wisdom holds, correctly, that income inequality has been increasing in recent years, though it still isn't as great now as in some past periods. But while incomes are distributed unequally, the federal tax burden is distributed far more unequally.
posted by VeGiTo on Apr 11, 2003 - 108 comments

Happiness has zip to do with money. Anyone heard of Geoffrey Miller? He has v. interesting things to say about the relationship between human nature, money and power. Here, he has another take on global anti-Americanism.
posted by theplayethic on Jan 17, 2002 - 21 comments

40 Richest Americans Under 40

40 Richest Americans Under 40 And how was your year? Tiger just makes it with $160 million, but the ladies are shut out.
posted by owillis on Sep 6, 2001 - 22 comments

The global distribution of income is becoming ever more unequal.

The global distribution of income is becoming ever more unequal. One of the proposed solutions? More charity by the ultra-rich.
posted by schoolie on Jun 18, 2001 - 10 comments

Rich to get richer

Rich to get richer thanks to new technology. The wealth of "high net-worth individuals" is set to leap by an annual 12 percent to $44.9 trillion by 2004 with technology windfalls pushing more people into the "ultra-rich" category, a Merrill Lynch and Gemini Consulting survey showed on Tuesday.
posted by sonofsamiam on May 3, 2000 - 2 comments

You've probably all seen this in email form.

You've probably all seen this in email form. Now someone has charted the amount of money Bill Gates can drop on the ground and not pick up.
posted by mathowie on Jul 29, 1999 - 0 comments

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