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I think the point of the article was to demonstrate that the "wealth disparity" we are seeing nowadays is not due to parasitic rent seeking behavior, but due to
by betwixthewires 6y ago
I think the point of the article was to demonstrate that the "wealth disparity" we are seeing nowadays is not due to parasitic rent seeking behavior, but due to genuine creativity and the creation of things people want to buy, and also that this was the norm except for the mid to late 20th century.
- deleted 6y ago[deleted]
- mdorazio 6y agoI think the parent point stands, though. Using the 100 richest individuals as a proxy for measuring and commenting on wealth disparity isn't very helpful. These people have always been outliers. A meaningful discussion would look more broadly at the top 10%, 1%, and 0.1% groups and investigate why they have been accruing wealth at a much higher rate than the bottom 75%/50%/25%
- betwixthewires 6y agoI think it is more meaningful with regard to what the article is after, in that it shows the paths to the top very clearly and how that has changed over the years. You could get a clearer picture with your approach of how on average the paths upward have changed, but I don't think that was the goal of the article.