5 ms·
> every person in the whole world would get a check for the princely sum of $8.57 This number is way off. That would mean there are only $60B in the entire wor
by evanpw 11y ago
> every person in the whole world would get a check for the princely sum of $8.57
This number is way off. That would mean there are only $60B in the entire world, whereas the Fed was until recently creating $85B per month to buy bonds.
Total worldwide wealth is around $241 trillion, which is $34k / person (which I don't think necessarily contradicts your actual point).
- vinceguidry 11y agoThe number I found was $60T, I used the money supply as I don't think that the rest of the wealth will actually be worth anything once all the cash is distributed. You're right though, I missed a few zeros, my figure comes out to $8571.42. Either way, nobody's really better off. Sure, we'd all have enough to build a mud hut, but the damage done to the world order would far outweigh any improvements.
- jljljl 11y agoUSD 16,100 once you account for PPP: https://en.wikipedia.org/wiki/Gross_world_product https://en.wikipedia.org/wiki/Gross_world_product
- evanpw 11y agoGDP (or GWP) is a flow: how much stuff we produce each year. Wealth is a stock: how much total stuff we've already produced and not consumed.
- vinceguidry 11y agoYes, you can't redistribute flows politically in any kind of a meaningful fashion. When you do that it's called a planned economy, and is generally inferior at raising living standards to market economies.
- evanpw 11y agoI'm sympathetic to your ideas, but you're really overstating your case here. Redistributing income is probably the primary activity of governments in rich countries today. Even in the US, transfer payments are about 14% of GDP: https://research.stlouisfed.org/fred2/graph/?g=2Qi3 https://research.stlouisfed.org/fred2/graph/?g=2Qi3
- jljljl 11y agoOops, misread the original post.
- jljljl 11y agoUSD 16,100 once you account for PPP: https://en.wikipedia.org/wiki/Gross_world_product https://en.wikipedia.org/wiki/Gross_world_product