I think every one should read: http://www.paulgraham.com/wealth.html to understand the difference between wealth and money.
Top 1% Control 39% of World's Wealth
31–36 of 36 posts
Re: Top 1% Control 39% of World's Wealth
#32Earlier quoted context omitted.
You can tell the lions that all you want, but lions will be lions, or as Alan Greenspan said our assumption that its in ones self interest to do the right thing has a little flaw. When push comes to shove, self interest always ends up being for ones self not the collective. It is going to be a long time, requiring a whole lot of mental evolution for there ever to be trust between the lion and the zebra. Only when tha…
You're right, it's definitely the zebras who get eaten's fault for not building trust with the lions...
Never said its the zebra's fault.
All I was trying to show is, you dont need game theory and social models, to explain to people what the big picture is.
Re: Top 1% Control 39% of World's Wealth
#33Earlier quoted context omitted.
The sensationalism surrounding this is really kind of sad. It also drives a knife through the intellectual aptitudes of my circle of friends. People don't really understand game theory or sociological models well enough to understand that this sort of wealth distribution makes sense, when you look at data. The biggest impediment to this, in my experience, is that people expect reality to intuitively make sense, and o…
This sort of wealth distribution is almost without precedent in the modern economy. It happened before in the 1920s and didn't end well. If you understand "game theory or sociological models well enough to understand that this sort of wealth distribution makes sense, when you look at data", can you explain it to me? I was under the impression that it's a disturbing trend and would love to be comforted.
A good jumping point would be the "Matthew Effect" - the sociological theory of accumulated advantage. This is usually paraphrased as "the rich get richer and the poor get poorer" in lay parlance but it is a legitimate academic theory in sociology. It illustrates a model of wealth distribution - particularly wealth disparity, and how it's somewhat inevitable despite repeated system "tweaks".
Re: Top 1% Control 39% of World's Wealth
#34Earlier quoted context omitted.
The sensationalism surrounding this is really kind of sad. It also drives a knife through the intellectual aptitudes of my circle of friends. People don't really understand game theory or sociological models well enough to understand that this sort of wealth distribution makes sense, when you look at data. The biggest impediment to this, in my experience, is that people expect reality to intuitively make sense, and o…
Ok. I understand game theory. What do you mean that this "makes sense"?
It makes sense as in it's expected. Economists come to expect this as a "rising tide" - it eventually happens. It waxes and wanes, but it does happen and it's not a grand conspiracy. It's the market fluctuating.
Re: Top 1% Control 39% of World's Wealth
#35Earlier quoted context omitted.
Do you know what the occupy movement is about at all? I don't think so. It is not about Wall Street.
No, but Wall Street is the biggest success (that I know of) of that movement. I'm not saying your ideological stance is wrong, I'm saying it doesn't seem relevant to this article.
I up voted this reply. Good point.
Re: Top 1% Control 39% of World's Wealth
#36Oh so it's not World's wealth but worlds private wealth. Why not to misrepresent it - remaining 99% is a good target market to get some readership for this trash.
The face value of financial derivatives market if 6 times higher ($791 trillion) than the world's private wealth. Bond market and stockmarket are of a similar value to private wealth. Who owns majority of those? Governments, pension funds, insurance firms...