4 ms·
I agree with you that income inequality is a big problem, and it is a major cause of social discord, but to be fair, quality of life increased significantly acr
by gamegoblin 10y ago
I agree with you that income inequality is a big problem, and it is a major cause of social discord, but to be fair, quality of life increased significantly across all percentiles since then.
e.g. which society is better to live in:
(low inequality, less wealth)
10th percentile average wealth: 100
99th percentile average wealth: 1000
(high inequality, more wealth)
10th percentile average wealth: 1000
99th percentile average wealth: 1000000
Of course this is an oversimplification, but you get the idea: income inequality is not the only important factor.
- theodorton 10y agoYou have to consider purchasing power, not how much moneys you have in your wallet. If the majority of people get 10x the money they used to, they're not getting 10x the purchasing power, because everyone needs a higher salary. This is also an oversimplification. You can read more about the phenomenon here: https://en.wikipedia.org/wiki/Dutch_disease https://en.wikipedia.org/wiki/Dutch_disease
- deleted 10y ago[deleted]
- deleted 10y ago[deleted]
- gamegoblin 10y agoAgreed. I intentionally didn't use units of my wealth numbers to indicate some "absolute" measure or wealth. 10x more food, land, or whatever.