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The 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 distribut
by vinceguidry 11y ago
The 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