Dispelling misconceptions about what’s driving income inequality in the U.S.
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Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#2"When I arrived in the office one day I saw my boss coming in with a new big Porsche. I said to him 'nice car' and he replied 'well, if you continue to work hard and give everything to this company, I might be able to get myself another one for Christmas'"
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#3Previous discussion: https://news.ycombinator.com/item?id=15724797
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#4The article doesn’t say... How is “the richest 1%” defined? Is it by networth? Yearly total compensation? And at what values must one be to meet the definition?
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#5[deleted]
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#6See also: "The richest families in Florence in 1427 are still [in 2016] the richest families in Florence"
https://qz.com/694340/the-richest-families-in-florence-in-14...
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#7See also: "The richest families in Florence in 1427 are still [in 2016] the richest families in Florence" https://qz.com/694340/the-richest-families-in-florence-in-14...
Notably not true of the United States over any great stretch of time.
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#8TLDR:
Financial and medical fields have a lot of rich people because of regulatory capture (i.e. no or little competition because they make the rules).
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#9We keep hearing the argument that government subsidy or protectionist legal barriers are responsible for inequality, but I think it's an inherent feature of capitalism.
Owning the means of production, whether it's a company or factory, land, patents, natural resources, or simply a brand name, give you a share of "monopoloy power" to some extent, and puts you on a different plane to workers. Your wealth automatically rises with the hard work, creativity and success of those workers, and allows to you to buy ever more "productive assets". The value of which constantly increases to remain beyond average workers' grasp.
Re: Dispelling misconceptions about what’s driving income inequality in the U.S.
#10Here's what I'm wondering:
- How do you measure inequality?
- What amount of inequality is acceptable?
- What amount of inequality should be targeted?
Inequality is part of any system. It's inevitable due to the inherent randomness of our universe.