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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

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

A GRAT Idea Whose Time Has Come

Grantor retained annuity trusts are a method that the ultra rich use to avoid gift taxes. Many lawyers insist that these trusts are a cornerstone of any sound estate plan.
posted by reenum on Dec 19, 2013 - 22 comments

Born sinner, the opposite of a winner

Why is there Poverty? An Animated History. From WhyPoverty.net. [more inside]
posted by Potomac Avenue on Dec 19, 2013 - 5 comments

Wealth Distribution and the Free Market

Wealthy Entitlement: Income inequality undermines the fairness of a free market
posted by stp123 on Sep 7, 2013 - 28 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

Are you being served?

A survey by a high-end estate agent has revealed that there are more domestic servants in the exclusive London district of Mayfair now than 200 years ago, and indeed, in the élite London neighbourhoods which have been bought up by absentee oligarchs, often only the lights in the servants' quarters are on at night. For those who fancy a life of serving the super-rich, there are courses to prepare them for catering to their masters' exacting whims. But it's not all rosy at the top; the prices of luxury goods (including foie gras, Patek Philippe watches, paintings by artists such as Cézanne and Rothko) in the basket used to calculate the Affluent Luxury Living Index have been rising at a rate exceeding inflation.
posted by acb on Jul 14, 2013 - 53 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

"Things are meant to be for a reason"

'It could have been us, but things happen. Sometimes it's better to be patient than right." Mindy Cradell has little regret about letting an older woman in front of her, while standing in line for the lottery. That woman, Gloria Mackenzie, became the sole winner of the $590 million Powerball jackpot, the largest in the history of American lotteries.
posted by Brandon Blatcher on Jun 7, 2013 - 64 comments

Mapping transit inequality

Dan Grover and Mike Belfrage have mapped transit inequality in the Bay Area after reading a New Yorker piece on the New York City subway (previously). The ways in which a widening income gap are changing the demography of San Francisco have been widely reported of late (previously, previously). The project's code is available if you'd like to try mapping your own city.
posted by liketitanic on May 8, 2013 - 25 comments

Le gauche caviar

So, what's the problem with champagne socialism? Are well-off advocates of left-wing positions hypocrites? How does one square egalitarian convictions with personal affluence?
posted by acb on Apr 16, 2013 - 79 comments

Material Poverty & Privilege in India

What would a poverty map of India look like?
posted by Gyan on Apr 14, 2013 - 10 comments

End Extreme Wealth

Many of these people live in a very limited environment. They have never been outside the finance district, gated communities, or the typical holiday resorts of the extreme wealthy.
Do they know it's Christmas? [more inside]
posted by bricksNmortar on Apr 10, 2013 - 30 comments

Tax-haven-gate

ICIJ has 2.5 million files from over 120,000 offshore legal entities covering 30 years of emails and financial records from from 10 offshore tax havens.. [more inside]
posted by jeffburdges on Apr 4, 2013 - 60 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

"there were echoes ... of a Gilded Age critique of plutocracy"

Before Greed: Americans Didn't Aways Yearn For Riches. A response: An Embarassement Of Riches: Literature And The Ethics Of Wealth In The Gilded Age. Both from Boston Review. [more inside]
posted by the man of twists and turns on Mar 7, 2013 - 19 comments

Hanging Ourselves By Our Bootstraps

A well-executed and terrifying visual representation of exactly how stratified wealth is in America. It's far worse than you could have imagined. [SLYT]
posted by erstwhile ungulate on Mar 3, 2013 - 147 comments

Gold plating the cuckoo clock

BBC: Some 70% of Swiss voters appear to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers, projected referendum results suggest. One of the organisers of the referendum, Brigitte Moser Harder, told the BBC she thought the Swiss people agreed with the proposals because the gap between rich and poor had become wider. "From the beginning, 2006, we had the support of the people of Switzerland because you know not everybody in Switzerland is rich." [more inside]
posted by Wordshore on Mar 3, 2013 - 15 comments

Where the nation's highest earners live

The Washington Post has posted a clickable county map of the United States, illustrating the percentage of households in the top 5% of national income (based on data from the US Census Bureau).
posted by msbubbaclees on Feb 13, 2013 - 79 comments

It wasn't an aesthetic statement, really.

"American Pastoral" inadvertently reveals Brooks and Halard to be deeply insecure, crass noveau riche, lowballing their renovations by hiring desperate, dirt-cheap Chinese laborers, and whining about maids who can't get to work on time, just because Hurricane Sandy knocked out train service. Where's the Vogue-style profiles of those poor souls? [more inside]
posted by Alterity on Feb 1, 2013 - 75 comments

Google Invades

Rebecca Solnit on how Silicon Valley corporations are transforming San Francisco: I weathered the dot-com boom of the late 1990s as an observer, but I sold my apartment to a Google engineer last year and ventured out into both the rental market (for the short term) and home buying market (for the long term) with confidence that my long standing in this city and respectable finances would open a path. That confidence got crushed fast. It turned out that the competition for any apartment in San Francisco was so intense that you had to respond to the listings – all on San Francisco-based Craigslist of course, the classifieds website that whittled away newspaper ad revenue nationally – within a few hours of their posting to receive a reply from the landlord or agency. The listings for both rentals and homes for sale often mentioned their proximity to the Google or Apple bus stops. [more inside]
posted by liketitanic on Jan 31, 2013 - 143 comments

Rich Blocks, Poor Blocks

See how much money people make in every neighborhood in every city in America with Rich Blocks, Poor Blocks, a map that displays wealth distributions across US cities (and states).
posted by EvaDestruction on Jan 4, 2013 - 59 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

You mean they sat on the platform with you?

In the spirit of the Nobel season, Yasha Levine discusses the history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel as a PR gimmick for laissez-faire economics, and how its existence is an affront to the Nobel legacy.
posted by clarknova on Oct 26, 2012 - 26 comments

Sinking.

How Venice's 1% put an end to social mobility, and what the US can learn from it - SLNYTOP
posted by The Whelk on Oct 14, 2012 - 50 comments

If Only T. Boone Pickens Had Died

T. Boone Pickens and other wealthy, elderly Oklahoma State alums decided to participate in a scheme named "Call of a Lifetime", where they would allow the university to take out $10 million life insurance policies on them. What could go wrong?
posted by reenum on Oct 7, 2012 - 66 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

Versailles, Florida

Orlando, FL - 10 ac, 90K sq ft, 13 bed, 30 bath, 20 car garage, 3 pools, 2 tennis cts, bowling alley, skating rink - $100M [more inside]
posted by Egg Shen on Jul 28, 2012 - 140 comments

Rich Kids Of Instagram

Rich Kids Of Instagram
posted by gwint on Jul 18, 2012 - 136 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

See Paradise for a mere $625,000 a week.

Jon Ronson (whose book The Psychopath Test was the basis of a This American Life episode ) interviews folks living in America at several varied levels of income in: GQ - Amber Waves of Green.
posted by 1f2frfbf on Jun 29, 2012 - 39 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

The War Against Youth

The recession didn't gut the prospects of American young people. The Baby Boomers took care of that.
posted by ClanvidHorse on Apr 1, 2012 - 317 comments

if I can do it, so can you!

6 Things Rich People Need to Stop Saying. (SLCracked by David Wong) [more inside]
posted by changeling on Mar 6, 2012 - 223 comments

Marriage is a luxury good

Marriage is a luxury good [NYT] After steadily rising for five decades, the share of children born to unmarried women has crossed a threshold: more than half of births to American women under 30 occur outside marriage. [more inside]
posted by modernnomad on Feb 18, 2012 - 66 comments

Hetty Green

Best known for the (exaggerated) tales of her miserliness, Hetty Green was arguably the greatest female investor in history. During the 1907 Bankers' Panic, her loan of $1.1 million helped keep New York City solvent. Her estate - greater than that of J.P. Morgan's - was valued at more than $2 billion in today's money. [more inside]
posted by Trurl on Feb 5, 2012 - 18 comments

Life After Capitalism

One thing we can be certain of is that capitalism will end. Maybe not soon, but probably before too long; humanity has never before managed to craft an eternal social system, after all, and capitalism is a notably more precarious and volatile order than most of those that preceded it. The question, then, is what will come next.
posted by The Whelk on Dec 24, 2011 - 85 comments

The Stealthy Wealthy

As the Occupy protests spread, the latest phenomenon to emerge is the Stealthy Wealthy. Sensitive to negative perceptions of extreme wealth inequality in hard times, and concerned about the possibility of history repeating itself, the super-rich have been swapping their limousines for nondescript-looking yet luxuriously outfitted cargo vans.
posted by acb on Nov 29, 2011 - 94 comments

John D. Rockefeller

Mr. Rockefeller has not squandered his income. He has applied it for thirty-five years to accumulating not only oil property but real estate — railroad stock, iron mines, copper mines, anything and everything which could be bought cheap by temporary depressing and made to yield rich by his able management. For thirty-five years he has worked for special privileges giving him advantages over competitors, for thirty-five years he has patiently laid net-works around property he wanted, until he had it surely corralled and could seize it; for thirty-five years he has depreciated values when necessary to get his prey. And to-day he still is busy. In almost every great financial manoeuvre [sic] in the country is felt his supple, smooth hand with its grip of steel, and while he directs that which is big, nothing is too small for him to grasp. [more inside]
posted by Trurl on Nov 16, 2011 - 7 comments

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