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I think you could generalize the idea of "individuals who extract income but who do not perform useful work" to "individuals whose extracted income exceeds the
by teorema 6y ago
I think you could generalize the idea of "individuals who extract income but who do not perform useful work" to "individuals whose extracted income exceeds the utility of the work they perform." Maybe to the converse as well, to an excess of "individuals whose extracted income subceeds the utility of the work they perform". It's basically talking about unjustified inequality.
I think to some extent this maps onto the idea of rent-seeking monopolies in current society and undercompensation of individuals. It's hard to go to something like this
https://mkorostoff.github.io/1-pixel-wealth/ https://mkorostoff.github.io/1-pixel-wealth/'
and not conclude that many people are being undercompensated grossly, and a small number of others are being overcompensated grossly.
For what it's worth, I agree with others that I don't think this maps onto "braininess" per se. I just think that's one of the character traits that happens to be valued the most in Western societies at the moment, so it's projected by the elites the most. In the past it might have been valor or nobility or courage or whatever it was -- the thing that is presented as justification for the excessive income, and protection of that income.
In general I think individuals are misvalued, not in the sense that persons don't matter, but the economic value placed on single individuals can be (and usually are) grossly overstated or understated. I think this transcends many many fields.
- bleepblorp 6y agoIn addition to the weath-in-pixels visualization you linked, another very damning graph comes from the Fed's research arm: https://fred.stlouisfed.org/graph/?g=bOfK https://fred.stlouisfed.org/graph/?g=bOfK This is a plot of median household income in comparison to GDP per household, both in inflation-corrected dollars. The GDP/household line has been pulling away from the household income line since the 1980s. While a great deal of wealth is being created in America, a decreasing share of it is trickling down into the hands of the median person. The rest of it is disappearing into the pockets of the already very wealthy in general, and the billionaires in particular.