Is Inequality Inevitable?
scientificamerican.com
Is Inequality Inevitable?
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Re: Is Inequality Inevitable?
#2[deleted]
Re: Is Inequality Inevitable?
#3Wrong question. Better question: why is the scale of inequality acceptable?
Re: Is Inequality Inevitable?
#4Wrong question. Better question: why is the scale of inequality acceptable?
[deleted]
Re: Is Inequality Inevitable?
#5Of course it is...it's a natural consequence of compound interest. One's ability to accumulate additional wealth scales exponentially with their level of existing wealth.
Re: Is Inequality Inevitable?
#6Absolutely - and that's a good thing. Those who produce more should earn more as well.
Re: Is Inequality Inevitable?
#7Of course it is...it's a natural consequence of compound interest. One's ability to accumulate additional wealth scales exponentially with their level of existing wealth.
And the more technology we have, the more the differences in the ability to produce wealth in the first place will be magnified.
Re: Is Inequality Inevitable?
#8Absolutely - and that's a good thing. Those who produce more should earn more as well.
Oh boy, where do I begin?
Edit: Sorry, I should first ask with how you define "production". It seems to be a now dated and almost arbitrary term more suited for agrarian or industrial societies, which seems less telling in an information/service-driven economy.
If a police officer patrols for 8 hours, arresting no one, did he "produce" anything? Likewise, if he patrols for 8 hours, and arrests 2 people, did he "produce" more than in the other example? The term "production" as a metric seems woefully outdated in our society.
Re: Is Inequality Inevitable?
#9Wrong question. Better question: why is the scale of inequality acceptable?
Because capitalism and free enterprise are predicated on fair competition and equal access. In theory, the best and most innovative ideas thrive and lead to economic growth.
Extreme inequality undermines this by allowing those who already have significant wealth to put their finger on the scales (lobbying, anticompetitive practices, etc.)
Re: Is Inequality Inevitable?
#10Have there been any efforts to quantify what level of inequality is reasonable?
For instance, the GINI coefficient ranges between 0 and 1, where 0 means everyone has the same amount, and 1 means one person at the top has everything. Depending on how it's measured, the US is somewhere between 0.4 and 0.5.
You don't want to be at either extreme, so some level of inequality is desirable. Is there an appropriate amount of inequality that is generally accepted? Has anyone tried to identify the appropriate target level?