156 posts tagged with wealth.
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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


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

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


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

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