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I agree mathematically but wealth is very much a relative phenomenon, hence the term "inequality". Yes if an alien dropped a bunch of real wealth on the planet
by awrence 7y ago
I agree mathematically but wealth is very much a relative phenomenon, hence the term "inequality". Yes if an alien dropped a bunch of real wealth on the planet and gave it to a lucky individual, the others would be no poorer, but they would sure feel it (all else equal).
This is obviously a highly complex and lengthy topic that spurs tons of thought experiments but I generally agree with your latter point.
- qqqwerty 7y agoI think Bay Area real estate is a good analogy. Almost everyone is making more money than they were 10 years ago thanks to the tech industry, increases in minimum wages, etc... So technically everyone is wealthier, even after accounting for inflation. But thanks to increases in wealth inequality, the real estate market has gone bananas, resulting in the average resident feeling worse off.