Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

The Rich Can't Get Richer Forever

newyorker.com

Post reply on HN
Print view View original

1–10 of 189 posts

Re: The Rich Can't Get Richer Forever

#7

Post by seanmcdirmid »

k__ wrote: post #2

If we make more and more of the earth/universe usable for humans and only 'the rich' own these usables, why not?

Exactly, as long as we keep deriving most productivity gains from capital rather than labor, then rising inequality is inevitable without some kind of intervention.

Re: The Rich Can't Get Richer Forever

#8

Post by nugget »

toomuchtodo wrote: post #6
nugget wrote: post #4

Implementation may be politically difficult, but the solution isn't rocket science: substantially raise the inheritance tax and abolish all trust loopholes.

Also raise taxes on investment income and implement a land value tax.

I believe lower taxes stimulate productive investment of both human and financial capital so I'd prefer to lower income and investment taxes. But this only seems fair and sustainable if you raise the inheritance tax to a very high level. The problem isn't wealth so much as dynastic wealth. Land value tax I support 100%.

Re: The Rich Can't Get Richer Forever

#9

Post by opportune »

The article mentions globalization but doesn't view inequality through a global lens. If you look only within rich nations, yes inequality has increased, because the poor and blue collar middle class have lost a lot of jobs to poorer countries. But that phenomenon is actually reducing inequality as measured from a global view.

The biggest issue I have with the article is that it ignores the geopolitical trends that were actual checks on inequality historically. Inequality typically only decreases in the face of an existential threat to the wealthy; when the US passed 90% marginal tax rates, it was to fund a war where the ability of the wealthy to remain in power at all was in question. Getting pensions and many other social democratic policies which benefit the poor and middle class, in many countries in the world, often required blood instead of the free market.

Post reply on HN