4 ms·

Sorry, but I see a lot of people, kids especially, with expensive smart phones because of status not because they can afford one.

alexmingoia 7y ago
The fact that smartphones, which didn’t exist decades ago, are now afforded by everyone, contradicts the assertion that productivity gains are captured by a small class/group, and demonstrates why looking at nominal measures of income is an incomplete picture of increasing productivity and wealth disparity.
- La1n 7y ago
  >contradicts the assertion that productivity gains are captured by a small class/group, Only that they are fully captured by a small class. It says nothing about the relative amount, and doesn't change anything about the wealth disparity picture, for those smartphones are cheaper for everyone but one group has a lot more to spend AND smartphones are cheaper for them
- atoav 7y ago
  I think this is a common misconception when it comes to judging Karl Marx perspective on capitalism: he didn’t say that a worker in 2020 is going to be absolutely worse off than a worker in his days if capitalism continues — quite the opposite: he said workers will be better off than they were in his days. What he did predict however is that the rich ones will even better off still. If you try to look at how much much of societies gains go to which wealth bracket and how much they actually do for it, this gap widened considerably during the last century and has become a real threat to these western values of liberty and democracy, especially because the rules of civilization and democracy exclude those on top. One doesn’t really have to be a marxist in order to want to go back to a resonable wealth/wage gap. One doesn’t have to be a marxist to demand the rich should pay their taxes and follow the rules. I’d argue that every conservative in the very sense of the word should stand behind this as well.
- jordanbeiber 7y ago
  There’s also a booming market for high interest micro consumer loans though. Many cannot afford these smart phones and gadgets but will take loans or buy them with plans that on the surface looks cheap. Loans from pretty much fully automated ”banks” working on-line only. Send an sms and get $500 to buy that phone! Further increasing the gap in the process...
- TheOtherHobbes 7y ago
  No. Because wealth is defined by claims on other people's productivity, not by the ownership of one particular consumer good. If you'd said "Everyone now gets a significant proportion of their income from investments and uses some of it to buy a smartphone" you might have had a point.
- bsanr2 7y ago
  People buy smartphones instead of CDs, movie tickets, and new cars.

alexmingoia 7y ago

The fact that smartphones, which didn’t exist decades ago, are now afforded by everyone, contradicts the assertion that productivity gains are captured by a small class/group, and demonstrates why looking at nominal measures of income is an incomplete picture of increasing productivity and wealth disparity.

La1n 7y ago
>contradicts the assertion that productivity gains are captured by a small class/group, Only that they are fully captured by a small class. It says nothing about the relative amount, and doesn't change anything about the wealth disparity picture, for those smartphones are cheaper for everyone but one group has a lot more to spend AND smartphones are cheaper for them
atoav 7y ago
I think this is a common misconception when it comes to judging Karl Marx perspective on capitalism: he didn’t say that a worker in 2020 is going to be absolutely worse off than a worker in his days if capitalism continues — quite the opposite: he said workers will be better off than they were in his days. What he did predict however is that the rich ones will even better off still. If you try to look at how much much of societies gains go to which wealth bracket and how much they actually do for it, this gap widened considerably during the last century and has become a real threat to these western values of liberty and democracy, especially because the rules of civilization and democracy exclude those on top. One doesn’t really have to be a marxist in order to want to go back to a resonable wealth/wage gap. One doesn’t have to be a marxist to demand the rich should pay their taxes and follow the rules. I’d argue that every conservative in the very sense of the word should stand behind this as well.
jordanbeiber 7y ago
There’s also a booming market for high interest micro consumer loans though. Many cannot afford these smart phones and gadgets but will take loans or buy them with plans that on the surface looks cheap. Loans from pretty much fully automated ”banks” working on-line only. Send an sms and get $500 to buy that phone! Further increasing the gap in the process...
TheOtherHobbes 7y ago
No. Because wealth is defined by claims on other people's productivity, not by the ownership of one particular consumer good. If you'd said "Everyone now gets a significant proportion of their income from investments and uses some of it to buy a smartphone" you might have had a point.
bsanr2 7y ago
People buy smartphones instead of CDs, movie tickets, and new cars.