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The USA is quite different than anywhere else in that: 1) Vast social inequality from issues arising from the ex-slave population and undocumented migrants, wh
by jollybean 5y ago
The USA is quite different than anywhere else in that:
1) Vast social inequality from issues arising from the ex-slave population and undocumented migrants, which creates a big 'long tail' of social malaise, cost, and limited productivity.
and 2) On the high-end, the US has a lot of truly exceptional talent doing truly world-leading things and having a truly global impact, or in other words, they are in some ways 'earning' very high returns.
Imagine if Germany were the size of the US: no historical ethnic issues, and more institutional conglomerates instead of newer, cutting edge companies (i.e. more BMW's not more Ubers and AirBnBs').
What would that look like, even with the Seignurage of currency etc?
I think inequality would be a lot less.
I think the author makes some great points, but they just don't overcome the fundamentally different situation that the US is in vis-a-vis everyone else.