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Uh, what? There's no "convergence in global equity[sic]". See https://inequality.org/facts/global-inequality/ https://inequality.org/facts/global-inequality/ I

Uh, what? There's no "convergence in global equity[sic]". See https://inequality.org/facts/global-inequality/ https://inequality.org/facts/global-inequality/ Inequality is rapidly increasing, and the speed of the spread is accelerating. And given that housing still accounts for somewhere between 20% and 45% especially for the lowest income quintile, yes, owning a house makes a huge difference.[1] https://www.oecd.org/els/family/HC1-2-Housing-costs-over-income.pdf https://www.oecd.org/els/family/HC1-2-Housing-costs-over-inc... I respect you have a different opinion, but if it's contradicting available data I'd appreciate a source for that belief.

vorpalhex 6y ago
Your source appears to have bias issues and on top of that their graphs are misleading We don't care about wealth share based on arbitrary buckets, we do care about purchasing parity and how it ties into quality of life - and how that figure has changed over time.
nostrademons 6y ago
No, parent poster is correct. World Gini coefficient has been consistently dropping since hitting its peak of 0.80 in 1988: https://en.wikipedia.org/wiki/Gini_coefficient#World_income_Gini_index_since_1800s https://en.wikipedia.org/wiki/Gini_coefficient#World_income_... (see second chart) This is also reflected in one of the graphs ("The Global 1% Captured Twice as Much Growth as the Bottom Half") from your link, with the decline in the top 1% since 2009 and the slow increase in the bottom 50% since 2002. The graphs you show are largely broken down by country, and reflect an instance of Simpson's Paradox. [1] Within each individual country, income inequality is rising. However, globally income inequality is falling, because an increasing share of global income is moving from rich countries to poor countries. The super-rich in the U.S. are rapidly outpacing the poor in the U.S., and the super-rich in the China are rapidly outpacing the poor in China, but a large fraction of the huge number of poor people in China are rapidly approaching the middle-class standard of living formerly reserved for the U.S, much more than the number of people that have fallen out of the U.S. middle class. [1] https://en.wikipedia.org/wiki/Simpson%27s_paradox https://en.wikipedia.org/wiki/Simpson%27s_paradox
Barrin92 6y ago
>Inequality is rapidly increasing, and the speed of the spread is accelerating. Inequality within countries is rising (in some countries), but the average standard of living between countries is converging. That aside wealth inequality isn't a good measure for economic equality in a meaningful sense . Take a look at life expectancy and education gaps, urbanisation, female participation in the workforce and absolute poverty, there has been an undeniable convergence over the last few decades[1] If wealth inequality wood be a good measure of economic prosperity then Sweden would be one of the world's worst places to live. [1] section: Global divergence followed by convergence

vorpalhex 6y ago

Your source appears to have bias issues and on top of that their graphs are misleading We don't care about wealth share based on arbitrary buckets, we do care about purchasing parity and how it ties into quality of life - and how that figure has changed over time.

nostrademons 6y ago

No, parent poster is correct. World Gini coefficient has been consistently dropping since hitting its peak of 0.80 in 1988: https://en.wikipedia.org/wiki/Gini_coefficient#World_income_Gini_index_since_1800s https://en.wikipedia.org/wiki/Gini_coefficient#World_income_... (see second chart) This is also reflected in one of the graphs ("The Global 1% Captured Twice as Much Growth as the Bottom Half") from your link, with the decline in the top 1% since 2009 and the slow increase in the bottom 50% since 2002. The graphs you show are largely broken down by country, and reflect an instance of Simpson's Paradox. [1] Within each individual country, income inequality is rising. However, globally income inequality is falling, because an increasing share of global income is moving from rich countries to poor countries. The super-rich in the U.S. are rapidly outpacing the poor in the U.S., and the super-rich in the China are rapidly outpacing the poor in China, but a large fraction of the huge number of poor people in China are rapidly approaching the middle-class standard of living formerly reserved for the U.S, much more than the number of people that have fallen out of the U.S. middle class. [1] https://en.wikipedia.org/wiki/Simpson%27s_paradox https://en.wikipedia.org/wiki/Simpson%27s_paradox

Barrin92 6y ago

>Inequality is rapidly increasing, and the speed of the spread is accelerating. Inequality within countries is rising (in some countries), but the average standard of living between countries is converging. That aside wealth inequality isn't a good measure for economic equality in a meaningful sense . Take a look at life expectancy and education gaps, urbanisation, female participation in the workforce and absolute poverty, there has been an undeniable convergence over the last few decades[1] If wealth inequality wood be a good measure of economic prosperity then Sweden would be one of the world's worst places to live. [1] section: Global divergence followed by convergence