25 posts tagged with wealth and inequality.
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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

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

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

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

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

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

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

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

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

Fertile ground for demagogues

Robert Reich talks at Google about the biggest problem facing the US economy. [SLYT, 57min]
posted by knave on Sep 1, 2011 - 98 comments

Outliers

The World Top Incomes Database (click on "Graphics" and select countries, years and other variables) (via)
posted by vidur on Jun 7, 2011 - 5 comments

Tax Facts Hardly Anyone Knows

9 Things The Rich Don't Want You To Know About Taxes - "4. Many of the very richest pay no current income taxes at all: Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero... 9. Other countries do it better: no one in Germany or the rest of the modern world goes broke because of accident or illness" (via) [more inside]
posted by kliuless on Apr 18, 2011 - 191 comments

entrepreneurial paradise

In Norway, Start-ups Say Ja to Socialism - We venture to the very heart of the hell that is Scandinavian socialism—and find out that it's not so bad. Pricey, yes, but a good place to start and run a company. What exactly does that suggest about the link between taxes and entrepreneurship?
posted by kliuless on Jan 20, 2011 - 52 comments

Why value the donations of rich people more than those of the poor?

How Private Is 'Private Charity'? Private charity may be more accurately described as "private donations coupled with involuntary, tax-financed public subsidies." And it's not fair: "very low-income people paying only payroll taxes get hardly any leverage for their donations. Very high-income people in states with high income-tax rates – such as New Jersey and New York – can through the tax code virtually double the money funneled to a charity per dollar of their own sacrifice." (previously)
posted by kliuless on Jan 17, 2011 - 39 comments

mad as hell

Dylan Ratigan's Howard Beale Moment (via se) [more inside]
posted by kliuless on Jul 19, 2010 - 35 comments

funemployment

How a New Jobless Era Will Transform America
The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come. (via rw)
posted by kliuless on Feb 11, 2010 - 84 comments

What Happened to My Forty Acres and a Mule, Fool?

40 acres and a mule has been a slogan of African-American economic aspirations ever since the legislation creating the Freedman's Bureau promised ex-slaves parcels not exceeding forty acres each, to the loyal refugees and freedmen. General William Tecumseh Sherman's Special Field Order No. 15 decreed that the land on slave plantations be seized and distributed to freed slaves, but Andrew Johnson rescinded the order and vetoed expansion of the Freedman's Bureau. Both Henry Louis Gates and Dalton Conley have associated the failure to grant freed slaves their "40 acres and a mule" with the wealth gap between black and white Americans, but now an economics grad student, Melinda Miller, has brought important quantitative data to the debate in a new research paper. [more inside]
posted by jonp72 on Dec 14, 2007 - 43 comments

Treasury: Income Mobility Substantial. Pew: But Not Enough.

A new U.S. Treasury Report (press release) reports that tax returns from 1996 to 2005 show that income mobility in the U.S. is "considerable," with rising earnings, and top earners who often stumble. The WSJ crows. Pew releases its own research (reports, press release) on income inequality today with a multi-decade outlook, but summarizes the findings as that American families' income mobility is still highly dependent on their parents' position. Forbes and a The New Republic blog try to reconcile the reports. Meanwhile, blacks appear to be downwardly mobile.
posted by shivohum on Nov 13, 2007 - 45 comments

Mind the Gap

Mind the Gap: an essay by Paul Graham on wealth, riches, poverty, and why income inequality might not be so bad. [more inside]
posted by hoverboards don't work on water on Oct 11, 2007 - 139 comments

Being poor is people who have never been poor wondering why you choose to be so.

Being Poor ... what it actually entails. More from Body and Soul, and from Making Light, and from here's a whosit. And this article, in which ...they were trying to rescue people with a helicopter and the people were so poor they were afraid it would cost too much to get a ride and they had no money for a "ticket." Dupree was shaken telling us the story. He just couldn't believe these people were afraid they'd be charged for a rescue. ...
posted by amberglow on Sep 11, 2005 - 35 comments

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