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The view that "wealth = money" is myopic. Wealth is access to goods and services. At any point in time, money is just the means to get more goods and services,
by malandrew 8y ago
The view that "wealth = money" is myopic. Wealth is access to goods and services. At any point in time, money is just the means to get more goods and services, but over long periods of time, goods and services becoming cheaper and more accessible is a form of wealth.
https://fee.org/articles/you-are-richer-than-john-d-rockefeller/ https://fee.org/articles/you-are-richer-than-john-d-rockefel...
The problem with people who focus on inequality is that they completely ignore ∂t. If you're trying to improve the lives of 7.6 billion people, time is of utmost importance.
- munk-a 8y agoI agree entirely with you in theory. I agree that increased compensation drives innovation and that innovation is the primary driven of our standard of living. In ~1700 france if the extreme wealth of the monarchy and clergy had been redistributed to the common folk their standard of living would almost certainly be below that of people living in slums in the modern day. I think that over the last three hundred years we've all gotten to a place where we're much better off, but the relative standard of living people experience has slid downward in the first world in recent decades and I think that is an issue that's worth solving, or at least finding the source of so we can mitigate it in the future.