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I'll agree with your basic point that reduction of poverty is, in some sense, the correct measure to look at. However, the problem with applying your stated att
by defterGoose 7y ago
I'll agree with your basic point that reduction of poverty is, in some sense, the correct measure to look at. However, the problem with applying your stated attitude to shaping policy is that society has a limited ability to innovate or grow productivity on a finite timescale. In other words, it makes some sense to think of economic productivity as relatively constant (it's unlikely, e.g., that someone will figure out how to conjure up calories and end world hunger next year).
On the other side, people are suffering right now. If we agree that reducing this suffering is the correct measure, then we must ask ourselves what steps can be taken right now to lessen it.
If we were in an intellectual vacuum, then we could argue all day about the pros and cons of wealth redistribution (and whether or not it is theft to apply such a tool). But what many (including myself) feel to be true, is that now more than ever, a lot of the productive capacity of money is being needlessly accrued by relatively few people who, on average, don't possess the the knowledge or will to apply that capacity to society's problems. Under those conditions, the potential for growth and productivity in the future is needlessly limited.
It is one thing to say that the gatekeepers of society's wealth function as a storehouse of capital for future contingencies, but this largely ignores that our global monetary system is primarily a fiat one, and as such, the integrity of the society itself and peoples' trust in the system is of paramount concern.
TL;DR The productivity of today's capital is being hindered by accumulation because the long-term benefits of more equitable distribution are philosophically real, but hard to understand.
- sdfin 7y agoI agree that it's good to evaluate what's the best thing to do right now to reduce suffering. I don't believe that extreme forms of redistribution work, and we do have redistribution in the form of taxes right now. > now more than ever, a lot of the productive capacity of money is being needlessly accrued by relatively few people who, on average, don't possess the the knowledge or will to apply that capacity to society's problems. Under those conditions, the potential for growth and productivity in the future is needlessly limited. The people who accrue a lot of money is able to do that because either they profit by selling some useful product or service that others desire and buy, or because they invest some land or form of private property they bought or inherited, or because they steal or acquire by illegal means that harm others (like corruption). I don't believe that we should consider equally the rich businessmen who became rich providing something useful to the world, and the corrupts. If the good businessman is punished with taxes or confiscatory laws he would be less able to produce something useful and demanded by society. If the corrupts are punished, everyone wins.