175 posts tagged with wealth.
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“It’s time to rethink this system.”

The 50 Most Segregating School Borders In America [NPR.org] “The grass is greener ... if you're a student in Detroit, looking across your school district's boundary with the neighboring Grosse Pointe public schools. Nearly half of Detroit's students live in poverty; that means a family of four lives on roughly $24,000 a year — or less. In Grosse Pointe, a narrow stretch of real estate nestled between Detroit and Lake St. Clair, just 7 percent of students live at or below the poverty line. To recap, that's 49 percent vs. 7 percent. Neighbors. Which is why a new report from the nonprofit EdBuild [Fault Lines] [.pdf] ranks the Detroit-Grosse Pointe boundary as "the most segregating school district border in the country."”
posted by Fizz on Aug 24, 2016 - 54 comments

The open hand and the closed fist

Just print money and give it to everyone by Chris Arnade: "The usual answer to why we don't do this is that it isn't politically feasible and there is no precedent. 1) That has never stopped bank bailouts, which often require a great deal of political and regulatory ingenuity to jam through. (TARP cough TARP) 2) It is a symptom of a system built by and for the bankers to benefit themselves. It is the equivalent of saying, 'We can't do it because we have never wanted to do it'. That we don't do it this way isn't just a small economic quibble with no impact. The most visceral anger I hear from voters across the country is directed at bank bailouts, which they see as evidence of a rigged system. They are right. The system is rigged in the sense that our primary method to stimulate the economy also conveniently bails out bankers." (previously; via) [more inside]
posted by kliuless on Jul 12, 2016 - 55 comments

Lotteries were all the rage in eighteenth-century Paris.

Voltaire’s Luck by Roger Pearson [Lapham's Quarterly] “It was once said of Voltaire, by his friend the Marquis d’Argenson, that “our great poet forever has one foot on Mount Parnassus and the other in the rue Quincampoix.” The rue Quincampoix was the Wall Street of eighteenth-century Paris; the country’s most celebrated writer of epic and dramatic verse had a keen eye for investment opportunities. By the time d’Argenson made his remark, in 1751, Voltaire had amassed a fortune. He owed it all to a lottery win. Or, to be more precise, to several wins.”
posted by Fizz on Jun 22, 2016 - 7 comments

Trekonomics

The Economic Lessons of Star Trek's Money-Free Society - "[Manu Saadia] points to technologies like GPS and the internet as models for how we can set ourselves on the path to a Star Trek future. 'If we decide as a society to make more of these crucial things available to all as public goods, we're probably going to be well on our way to improving the condition of everybody on Earth', he says. But he also warns that technology alone won't create a post-scarcity future... 'This is something that has to be dealt with on a political level, and we have to face that.' " (via) [more inside]
posted by kliuless on Jun 21, 2016 - 102 comments

Sapiens 2.0: Homo Deus?

In his follow-up to Sapiens, Yuval Noah Harari envisions what a 'useless class' of humans might look like as AI advances and spreads - "I'm aware that these kinds of forecasts have been around for at least 200 years, from the beginning of the Industrial Revolution, and they never came true so far. It's basically the boy who cried wolf, but in the original story of the boy who cried wolf, in the end, the wolf actually comes, and I think that is true this time." [more inside]
posted by kliuless on May 24, 2016 - 23 comments

Redefining Wealth and Prosperity in the 21st Century

Kennedy was right - "Much that is valuable is neither tangible nor tradable... Gross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production."* [more inside]
posted by kliuless on May 11, 2016 - 10 comments

WORLD OF TOMORROW

World After Capital by Albert Wenger [Work in Progress; GitHub; GitBook; PDF; FAQ] - "Technological progress has shifted scarcity for humanity. When we were foragers, food was scarce. During the agrarian age, it was land. Following the industrial revolution, capital became scarce. With digital technologies scarcity is shifting from capital to attention. World After Capital suggests ways to expand economic, informational and psychological freedom to go from an industrial to a knowledge society." (previously)
posted by kliuless on May 7, 2016 - 23 comments

Like Burning Man. But in Vegas. For the 1%. The 1% of the Tech Elite.

Picture Eric Schmidt wearing a leather Top hat and a waistcoat made of mirrors No really, the article contains a picture of Executive Chairman of Alphabet (previously one of the Google CEOs) Eric Schmitdt wearing a leather Top hat and a waistcoat adorned with mirrors [more inside]
posted by Faintdreams on May 3, 2016 - 77 comments

It's not secular stagnation; it's financialization.

Elizabeth Warren has a great idea for making Tax Day less painful - "She's taking on TurboTax and other predatory companies." [more inside]
posted by kliuless on Apr 18, 2016 - 233 comments

Luck is not something you can mention in the presence of self-made men.

Robert H. Frank, professor of economics at Cornell University, for The Atlantic: Why Luck Matters More Than You Might Think. "...the luckiest among us appear especially unlikely to appreciate our good fortune. According to the Pew Research Center, people in higher income brackets are much more likely than those with lower incomes to say that individuals get rich primarily because they work hard. Other surveys bear this out: Wealthy people overwhelmingly attribute their own success to hard work rather than to factors like luck or being in the right place at the right time." [more inside]
posted by amnesia and magnets on Apr 15, 2016 - 114 comments

What's changed and changing about (American) politics?

The three party system - "There are three major political forces in contemporary politics in developed countries: tribalism, neoliberalism and leftism (defined in more detail below). Until recently, the party system involved competition between different versions of neoliberalism. Since the Global Financial Crisis, neoliberals have remained in power almost everywhere, but can no longer command the electoral support needed to marginalise both tribalists and leftists at the same time. So, we are seeing the emergence of a three-party system, which is inherently unstable because of the Condorcet problem and for other reasons." [more inside]
posted by kliuless on Mar 4, 2016 - 77 comments

*Some* of the kids are all right

The current crop of 28-34 year old Canadians is the wealthiest ever, according to an internal Finance Canada study obtained by the CBC. This group averaged a net worth of $93k, compared to previous 28-34 year olds' more typical $60K. Most of this wealth is concentrated in the top 10%, whose net worth doubled to $500k, while most others saw a gain of only $1500 (CBC video). But efforts to narrow the gap are underway, in some corners: Ontario announced that students with family incomes under $50K will be getting free tuition for college or university.
posted by cotton dress sock on Feb 26, 2016 - 42 comments

Witness the Firepower of This Fully Armed and Operational Battle Station

Helicopter drops might not be far away - "Central banks could be given the power to send money, ideally in electronic form, to every adult citizen. Would this add to demand? Absolutely."
posted by kliuless on Feb 24, 2016 - 36 comments

The Gilded Age, Henry George, the Land Value Tax and the Progressive Era

Kim-Mai Cutler: Nothing Like This Has Ever Happened Before - "San Francisco Bay Area poverty rates in all nine counties have increased in the last economic cycle, even with the Facebook and Twitter IPOs and private tech boom. The main transfer mechanism is land and housing costs, as rising rents and evictions push service and other low-wage workers to the brink. [Henry] George's solution was a single land tax that would replace all other government revenue sources. If an owner wanted to develop their property to make it more useful or productive, George argued that they should have the right to keep the value from those efforts. But increases in the value of underlying land were created by — and ultimately belonged to — the public at large." (previously: 1,2,3) [more inside]
posted by kliuless on Feb 19, 2016 - 33 comments

1 Galleon = $25. 1 Sickle = $1.50. 1 Knut = $0.05.

A Reddit thread recently broke down the exchange rate between Wizard and Muggle money, and in doing so shed some interesting light on the financial disparity between many of the characters in the Harry Potter universe. [more inside]
posted by Hermione Granger on Feb 18, 2016 - 43 comments

“I gave them their own species name: Abundus egocentrus.”

A tyrannosaur of one’s own. by Laurie Gwen Shapiro [Aeon] Dinosaur collecting isn't just for museums any more — film stars and sheikhs do it too. What drives a man to covet big bones?
The world’s most famous palaeontologist doesn’t understand why anyone wants to collect dinosaurs. Mark Norell sits across from me in his expansive corner office at the American Museum of Natural History in New York City and launches right in: ‘People are weird. I think: “Who is buying this shit?” No accounting for people’s taste. I have a passion for dinosaurs, but certainly not what I would call “dinosaur insanity”. Dinosaurs are just a medium for me to do science. But if I were doing the same thing on some other organism – you wouldn’t be here.’
posted by Fizz on Jan 30, 2016 - 20 comments

UBI in NYT

It's Payback Time for Women - "Society is getting a free ride on our unrewarded contributions to the perpetuation of the human race." (via) [more inside]
posted by kliuless on Jan 11, 2016 - 79 comments

The Unseen Threat of Capital Mobility

For the Wealthiest, a Private Tax System That Saves Them Billions -"The very richest are able to quietly shape tax policy that will allow them to shield billions in income." (via) [more inside]
posted by kliuless on Jan 4, 2016 - 31 comments

Where "schools aren’t a place to learn, they’re a place to fear."

In 2007, the Pinellas County, Florida School Board abandoned integration, joining hundreds of US school districts in former Confederacy states that have resegregated since 2000. The Board justified the vote with bold promises: Schools in poor, black neighborhoods would get more money, more staff, more resources -- none of which happened. This past August, the Tampa Bay Times published an exposé, revealing how district leaders turned five once-average schools into Failure Factories. [more inside]
posted by zarq on Dec 18, 2015 - 62 comments

economics decide the contest, and wealth wins every time

"The number of people living in poverty in Portland’s suburbs shot up almost 100 percent between 2000 and 2011, according to the Brookings Institute. If the North’s poor black residents are driven to the same poverty in less desirable areas, then the Portland Boheme for middle-class whites has been purchased at a price of cultural disruption and displacement, even violence. And while immigration to cozier, comfortable climes, and gentrification and attendant displacement are not new phenomena, I find that people flocking Portland-ward rarely wish to accept their own culpability or complicity in this story—there is a desire on behalf of most newcomers to think of themselves as socially progressive and so properly enlightened, as if being anti-racist or super-considerate and well-meaning, responsible even, somehow makes this process of ‘urban renewal’ consequence-less and clean. It is not." Michael Copperman, La Boheme Portlandia.
posted by everybody had matching towels on Nov 12, 2015 - 73 comments

Faced with gaping moral and economic holes in society

Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
posted by kliuless on Nov 11, 2015 - 112 comments

Desire Modification in the Attention Economy

The Future of (Post)Capitalism - "Paul Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy." (previously; via) [more inside]
posted by kliuless on Nov 4, 2015 - 22 comments

The Families Funding the 2016 Presidential Election

The Families Funding the 2016 Presidential ElectionThey are overwhelmingly white, rich, older and male, in a nation that is being remade by the young, by women, and by black and brown voters. Across a sprawling country, they reside in an archipelago of wealth, exclusive neighborhoods dotting a handful of cities and towns. And in an economy that has minted billionaires in a dizzying array of industries, most made their fortunes in just two: finance and energy. [more inside]
posted by tonycpsu on Oct 11, 2015 - 41 comments

Rich people in thrift stores also disgust me.

"Saada: In some ways, “inconspicuous chic” is about a perceived entitlement to money, not money itself. People who flaunt their wealth by wearing tons of brands and being flashy are not considered wealthy; more often they’re seen as nouveau riche vis-a-vis old-monied. ...Maybe if they were bulldozing low income housing to build a huge Barney's I would be concerned, but to be upset about how rich ladies shop is almost pointless." ---- Clothes & Class - An Adult Magazine roundtable discussion of the minutiae of high fashion, low budgets, the history of class signaling and inconspicuous chic. With Saada Ahmed, Katherine Bernard, Durga Chew-Bose, Fiona Duncan, Hari Nef, Steve Oklyn and Arabelle Scicardi. (NSFW main photos and related ads. Extreme fashion nerdery)
posted by The Whelk on Sep 25, 2015 - 84 comments

Basic Income: How to Fix a Broken Monetary Transmission Mechanism

FINLAND: New Government Commits to a Basic Income Experiment - "The Finnish government of Juha Sipilä is considering a pilot project that would give everyone of working age a basic income."[1,2,3] (via) [more inside]
posted by kliuless on Sep 4, 2015 - 24 comments

Why Your Rent Is So High and Your Pay Is So Low

Why Your Rent Is So High and Your Pay Is So Low
posted by anazgnos on Aug 6, 2015 - 112 comments

Hongcouver

With Vancouver's average detached home price rising 28% to $1.12M (CAD), what the heck is going on? Canadaland's Jesse Brown interviews South China Morning Post columnist Ian Young, author of Hongcouver about wealth migration, racism, and immigration schemes. [more inside]
posted by GuyZero on Jul 7, 2015 - 79 comments

After Capitalism, Humanism

Shared Prosperity, Common Wealth, National Equity and a Citizen's Dividend: Nirit Peled takes a look at social experiments in basic incomes for VPRO Tegenlicht, a Dutch public television documentary series. Starting with a German crowdfunded UBI chosen by raffle -- kind of like the opposite of Le Guin's Omelas (or Shirley Jackson's Lottery in reverse) -- the focus moves on to Albert Wenger who wants to disconnect work from income not only as automation progresses but to accelerate the process. Then it's on to Guy Standing who has conducted basic income experiments in India and Namibia (pdf) and is trying to get one off the ground in Groningen (Utrecht apparently is also a go). Finally, a stop in Alaska to ask some of its residents about their views on the state-owned Permanent Fund. This last part brings to mind the question: just what is wealth anyway? [more inside]
posted by kliuless on Jul 2, 2015 - 7 comments

Kehinde Wiley, turning traditional portraitists into contemporary art

Brooklyn Republic recently closed the exhibition Kehinde Wiley: A New Republic, a mid-career retrospective, going back 14 years, from Kehinde's early styles to the more well-known mix of young black men in casual attire, recreating traditional portrait scenes, with a backdrop of vivid patterns, as seen in the National Portrait Gallery, among other settings. More recently, he has expanded his street-casting to include African American women, as captured in the PBS Arts documentary, Kehinde Wiley: An Economy of Grace. More videos and critical commentary below the break. [more inside]
posted by filthy light thief on Jun 8, 2015 - 8 comments

How to fix inequality: Squash the finance industry and redistribute more

Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
posted by kliuless on Jun 2, 2015 - 27 comments

Let Them Eat Privilege

The one percent isn’t some amorphous boogeyman inside all of us... It’s a very real class. And we don’t need a list of cultural “symptoms” of one-percent-style privilege to figure out who they are. Just run the numbers. If your household — or to be generous, the one you grew up in — makes an adjusted gross income of at least $343,000, you are, in fact, the one percent. Even if you smoke meth, went to boot camp, and are on your third marriage. Yes, even if most of your friends didn’t finish college and live kinda far from a Whole Foods. Now, if you or the household you grew up in make an adjusted gross income of less than $340,000, you are, technically, the 99 percent.
Let Them Eat Privilege
posted by y2karl on Apr 22, 2015 - 62 comments

A Day In the •Life

A bulbous, friendly little thing - The Verge’s Nilay Patel spends a day with the Apple Watch. [more inside]
posted by Artw on Apr 8, 2015 - 205 comments

" diabolically chortling like Batman villains"

Restaurant Review: Kappo Masa on the Upper East Side: The cost of eating at Kappo Masa is so brutally, illogically, relentlessly high, and so out of proportion to any pleasure you may get, that large numbers start to seem like uninvited and poorly behaved guests at the table. [more inside]
posted by roomthreeseventeen on Jan 7, 2015 - 75 comments

The world is becoming even more suburban, and better for it.

A planet of suburbs
posted by garlic on Dec 9, 2014 - 36 comments

Gentrification and badly dressed white people

Vidal Reyna is a waiter at El Arco Iris, one of Highland Park’s oldest Mexican restaurants, owned by his wife’s family. He grew up here. He says the moment he understood that his neighborhood was becoming a different place happened on a drive with his father. Reyna recalls, 'He turns around and tells me in Spanish, ‘Hay muchos gueros mal vestidos por aqui.’” Loosely translated, that means “around here, there are a lot of badly dressed white people.” In August Marketplace's Wealth & Poverty Desk opened an office in Highland Park, Los Angeles, to get a view of gentrification from their new neighbours.
posted by Bella Donna on Dec 1, 2014 - 51 comments

Here's a box of chocolates; it is your duty to eat them.

People like order in their lives. This does not go down well with those who feel that social restraints of any sort are a bad thing, but these people are a distinct, if very noisy, minority. Most of us want social rules of some sort – not oppressive ones, of course – but rules that govern the way we conduct ourselves towards others. We want people to queue correctly.

We like it when people don’t chew with their mouth open. We love it – although we may be cowed into not saying this – when an able-bodied person gives up a seat to somebody who is clearly frailer. Personally, I like it when anybody gives up a seat on a train to anybody else, frail or not. (Novelist Alexander McCall Smith discusses Jane Austen's Emma in The Daily Mail.)
posted by joseph conrad is fully awesome on Nov 11, 2014 - 35 comments

The Social Construction of Money (Wealth/Capital in the 21st Century)*

The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
posted by kliuless on Sep 19, 2014 - 62 comments

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

Stash Pad

Why New York real estate is the best place to hide your millions.
posted by ellieBOA on Jul 2, 2014 - 87 comments

The modern American realist novel in a time of r>g

In the LA Review of Books, Stephen Marche reflects upon the Literature of the Second Gilded Age. In his recently published book, Capital in the Twenty-First Century, economist Thomas Piketty argues that when r>g, that is, when an economy's annual rate of return on capital exceeds the economy's annual rate of growth, wealth inequality tends to increase, and that this condition has held both during the 19th century and since around the latter quarter of the 20th century. Unusually for an economics book, Piketty's work makes reference to several pre 20th-century works of fiction. Stephen Marche discusses role of this literature in Piketty's book. He goes on to critique the modern American social-realist novel. Although these books are not discussed by Piketty, according to Piketty's research they too pertain to a time in which r>g. Marche however accuses the more modern literature of being a "restrained, aspirational product" with "most of its sting removed".
posted by mister_kaupungister on Jun 24, 2014 - 15 comments

Sunday Times Rich List 'wealthier than ever'

"Britain's richest people are wealthier than ever before, with a combined fortune of almost £520bn, according to the Sunday Times Rich List. The total wealth of the richest 1,000 individuals, couples or families jumped 15% in a year, the survey said. Wealth expert Philip Beresford, who compiled the list, said he had never before seen such a "phenomenal" rise in personal fortune... Mr Beresford said: "The richest people in Britain have had an astonishing year. While some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country." - The total figure for the Rich List is equivalent to a third of the UK's gross domestic product."
posted by marienbad on May 18, 2014 - 44 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

Money For Nothing

At first, the new Jerry Seinfeld show seemed reassuringly like the old one. Spontaneous coffees with friends. Mindless chatter that occasionally verged on the hilariously brilliant. But look closer and you see that this show isn’t that show, and that new realities are upon us in America. Anand Giridharadas editorializes about Comedians in Cars Getting Coffee: Seinfeld, His Show, and Inequality. (SLNYT)
posted by Going To Maine on Apr 15, 2014 - 137 comments

Who Had Richer Parents, Doctors Or Artists?

What's the link between household income during childhood and job choice during adulthood? Stats and pretty graphs ahoy!
posted by forza on Mar 20, 2014 - 44 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

How Obama's tech team saved his presidency a second time

Inside the Nightmare Launch of HealthCare.Gov - "Unknown to a nation following the fiasco, McDonough's assignment from the President had boiled down to something more dire than how to fix the site. As the chief of staff remembers his mission, it was 'Can it be patched and improved to work, or does it need to be scrapped to start over? He wanted to know if this thing is salvageable.' Yes, on Oct. 17, the President was thinking of scrapping the whole thing and starting over." (previously) [more inside]
posted by kliuless on Mar 3, 2014 - 120 comments

"Who is Dependent on Welfare" With Ananya Roy

It is time for America to reconsider who is dependent on welfare. Poverty is not only the lack of income and wealth but also the poverty of power. A key part of the poverty of power is to be defined as dependent: dependent on charity, handouts, welfare. Yet, it is the wealthy, not the poor, who are dependent on government subsidies. To transform dependency into self-determination is the work of poor people's movements. To demonstrate the dependency of the wealthy on welfare as well as on the labor of the poor must be our collective work.
posted by Blasdelb on Feb 21, 2014 - 66 comments

The Era of Big Metafilter is Over

Tonight, President Barack Obama will deliver his 2014 State of the Union address. A stream will be available via the White House and from many other outlets. [more inside]
posted by Drinky Die on Jan 28, 2014 - 449 comments

listen to the wealthy scream

The return of "patrimonial capitalism": review of Thomas Piketty's Capital in the 21st century (pdf) - "Thomas Piketty's 'Capital in the 21st century' may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital." [more inside]
posted by kliuless on Jan 12, 2014 - 39 comments

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